Yup that's a rainbow lorikeet. My girlfriend has one called Bundy and he is the most playful, cheeky little boy.
We have flocks of those in the wild, alot of people put sugar water or nectar feeders out for them and they come by the flocks! Personally I think its wrong to do that, they end up breeding to great proportion and when you stop doing it, what happens to their food supply , the lori's and surrounding area's ?

hmm.