Shortly after 1000 hours, VH-ANE taxiied for departure from runway 03. Prior to the aircraft being given a takeoff clearance another aircraft departed from the same runway. As a result it was necessary to turn that aircraft, to provide the required separation, prior to VH-ANE being cleared for takeoff. When the tower controller had established separation, VH-ANE was given a clearance to commence an immediate takeoff. By this time VH-RME was established on final approach for runway 03. The pilot of VH-RME then became concerned that the runway might not be available for him to carry out a landing and he commenced a go-around. The tower controller was advised immediately and he instructed VH-ANE to abandon the takeoff. VH-RME subsequently completed a circuit and landed, and VH-ANE then departed for Melbourne. The investigation revealed that at the time VH-RME commenced to go around the aircraft was about 400 feet above ground level. The tower controller responsible for the separation of landing and departing aircraft was of the opinion that the required runway separation would have been achieved had VH-RME continued with the landing.