In Poland blinking green has the same meaning.
In Berlin and Sydney green for pedestrians is very short and basically lets you enter the crossing. But red doesn't mean you shouldn't be on the crossing. You can take as much time as you need to finish crossing. It feels way better from pedestrian perspective when compared to Polish system where green means you are safe, blinking green means you need to run for your life and red means that drivers can legally run you over and you are about die (they can't but that's how it feels).