My pediatrician said this formula was 'as good as any' for newborns, and it was one of the recommended ones from Annerley, so I think it's suitable for newborns. There are a couple other threads now, however, about babies refusing to take certain formulas based on taste, so if you can find a single serving of it somewhere you might try that just in case your baby doesn't like it to avoid wasting $ and a whole carton. I know B2B sells some single servings and they also sell Hipps, so they might have it (I'm not sure, however).
Just one note - I found just having formula around during my 1st baby made me immediately reach for it when baby was fussing, which, since I didn't pump enough to make up for a few feedings, made my supply go down and caused me to end up weaning a bit earlier than I might have otherwise. In retrospect baby's fussing was probably just her needing to nurse more to up my supply, or maybe just fussing for reasons other than hunger. BF is such hard work, it's easy to sabotage it, so if you are committed might consider not having the temptation of formula. Then again you might have better willpower than I did!