Names are important. They give us a way to label, communicate and remember things succinctly.
While descriptive, at thirteen syllables "The Australian Bioinformatics Network" is a bit of a mouthful and tends to get "acronymized" to "ABN" (despite ambiguity). Ah well...
These days, another factor that influences naming decisions is the ability to use a name online (or, in networking parlance, as a domain name).
If you are contemplating setting up a community with an online presence, you can use a WhoIs service, to see if your prospective domain name is free to purchase.
We were pretty lucky that AustralianBioinformatics.net was available, and bought it via WordPress.com. However, when we decided to move our site from WordPress, it turned out to be a bit tricky to get the AustralianBioinformatics.net domain to point to SquareSpace.
Based on this experience, I'd suggest buying your domain name from a general purpose DNS (Domain Name Service) provider. Currently, we are using Nettica.com.