Australia is a movie by Baz Luhrmann which is due for release in November 2008. Naming a movie after a country has such great potential as a branding exercise.
I can’t think of many movies that are named purely after a country with nothing else in the title. The DreamWorks Animated Madagascar is probably the highest profile movie named after a country. Brazil is another one that springs to mind, though it is not set in or about Brazil.