No the minimum is set by the ASX, you can buy the equivalent of 1,000 shares via Commsec or 1 option.
I used to buy about $20K of TLS shares then write 7 PUT options (equivalent to 7,000 shares = approx $20K) writing covered options. Did it maybe 3-4 times & made a decent return each time.
I traded index options as well but no where near $50K's worth at a time.
I can't remember what the equivalent of 1 index option was probably $7,500 if the index is at 7,500.
Check out the ASX option page it has all the details on it.
No the minimum is set by the ASX, you can buy the equivalent of...
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