Hi Dave,
Yachting Australia requires all boats competing in races Cat 0 - Cat 4 to have a watertight "crash" or "collision" bulkhead.
Cat 4 has the less stringent requirements and is for "Short Offshore races, close to shore in relatively warm or protected waters, normally held in daylight".
You can view or download the details at
http://www.yachting.org.au/default.asp? ... 2/21782/0/by accessing 2013-2016 Special Regulations Part 1 for Racing Boats - Effective from 1 July 2013. (See Sect 3.05.4)
A lot of cruisers going off shore use the recomendations included in "The Blue Book" but I don't know anyone who has put in a watertight bulk head unless they were also racing in one of these categories.
All the best,
Tom