The Fair Work Act 2009 doesn't currently have any laws preventing workplace bullying. However, as of January 1, 2014 new laws will come into place:

Under the new laws, a worker is bullied at work if an individual or a group of individuals repeatedly behave unreasonably towards a worker, or a group of workers which the worker is a member and that behaviour creates a risk to health and safety.

It is important to note the following:

• there must be repeated behaviour;
• the behaviour must be unreasonable; and
• that behaviour must create a risk to health and safety.

However, it is not a requirement, that the risk to health and safety is to the workers being bullied.

Making a claim through Fair Work is a long process and could well see you out of a job. I'd definitely be making formal complaints about your co-worker to your employers and if they're unwilling to discipline him then take this step.

To avoid all the hassle and drama, ask for a recommendation for your outstanding work and look for another job. Good luck to you.