Big Mama gives wonderful advice...at a young age, the capacity to make decisions of such a magnitude is significantly lessened. lol I know for me, I was still making pretty craptastic love life decisions at 18, though thankfully nothing that would rob me of the whole special first time notion that I personally hold dear to myself. Just a really, really bad emotional thing.
Either way (and before I drift off on my own life stories), I think it is best to wait...I would say that if you have reservations (which by virtue of asking us, you at least have some) then you're not fully ready. Not a bad thing, that...just means that you've some thinking to do on the matter.
Pragmatically speaking to your question, what constitutes statutory rape in Australia isn't, potentially, exactly what it is here, and even here it varies by state. Simple and clothed cuddling and what not should be okay in the eyes of the law, but sexual contact (sex itself, sexual touching...speaking simply, if you wouldn't do it in public, as a far over simplified manner of speaking) is a no go. But overall, I would wait if I were you...he is running a huge legal risk, and I think for you, by virtue of your age, it would be beneficial to wait.
Hugs,
Harley