The version shown on Australian cable television is the uncut version with a PG rating
To attain a PG rating rather than a more restrictive M15+ in Australia, the following changes were made:
When the alien jumps from the building in the beginning, rather than hitting the ground with a "thud", he now sparkles away in midair;
The scene describing what the bug does to Edgar's skin has been snipped;
The fumigator's death has been shortened, removing the shot of the spray gun being rammed down his throat.
The shot of the dead waiter stuffed under the counter is shortened
Oddly enough even though all references to the word "prick" were dubbed by the word "jerk", the initial limited edition wide screen 'double presentation pack' came with the bonus 25 minute 'Making Of MIB' video and featured both of the scenes with the original dialog.
The Australian DVD and TV versions are uncut, with an M rating. The VHS and theatrical releases are cut to obtain a more child-friendly PG rating.
The UK PG-rated cinema version - as well as subsequent DVD and VHS releases - have been cut by the BBFC to remove the two uses of the word "prick". The offending words were over-dubbed with the words "jerk" and "twerp".
The Australian dual-coded DVD is the same as the censored UK DVD in the way that the 2 uses of "prick" are over-dubbed with the word, "jerk".