although this has been discussed many times b4, your idea is kinda interesting:
let Q stand for queensland, N stand for new south wales, T could stand for tasmania then, S doesn't stand for sydney as it is a city, but south australia.
forget about the A's as they can always mean "and"
the added U sound by media could be regarded as a w sound stands for west australia. Oh, one of the A's could mean ACT
then, there is a very good reason for them to keep p**sing off melbourne as there is no V in the name.