Ah, yes, "Picnic at Hanging Rock." One of my favourite Australian movies. So atmospheric and mysterious. And who could ever forget that beautiful main theme on the pan pipes? Exquisite. Having said that, however, can it actually be classified as a "gay movie"? I mean, certainly, it's set around a group of school girls having a picnic and Miranda is particularly beautiful, but I can't specifically recall any "gay" content. Would you also consider "The Devil's Playground" to be a gay movie, Scott? Personally, I would not, even though it is set in a Catholic boys' boarding school. I am open to persuasion here. It's been a long time since I saw either movie.
Oh, I think there's a definite lesbian undercurrent to the film. In the opening scenes, when the girls are preparing for their Valentine's Day outing, you see some of them reading Valentine cards to each other, with obvious emotional investment in the exchange. Also, the girls are all more or less infatuated with Miranda, the school favorite, especially Sara, who is probably the most bereaved of all following Miranda's mysterious disappearance.
As for
The Devil's Playground, that's one I haven't caught up with yet.