What he said is definitely unprofessional, but do you have any reason to believe it's malicious? I don't think you have a case for racial discrimination if you can't actually show that you're treated unfairly due to your ethnicity.
As for what you can do about it:
1) You can ignore it. He said some stupid comment you don't like, whatever. As long as you're getting along with him (as far as you know) and he's not treating you different from the rest of his subordinates, that should be all that matters (for the moment; I'll get to that later).
2) If he continues saying these sorts of racist things, nudge him lightly that you don't appreciate it and ask him to stop. If he is a real professional, maybe he didn't understand that you took offense to his comments (he could just be really oblivious) and he'll stop.
3) If he reacts negatively to your light nudging him about his comments, then you have a real problem, because he is actually racist. At this point, you should probably find another job, and you may have a legal case for discrimination (don't know how the laws in Australia work, but you should look into it if it gets to this point). What you might be able to do in this situation, depending on how much weight you have at the company (how much of the work you contribute, etc), you may be able to put an ultimatum to his boss, like "he goes or I go", and see what happens. Before you do this, though, make sure you are prepared to actually go.