IANAL, but I would say that if you're violating the TOS, you don't have a proper license to the content (since that's contingent upon following the terms), and so you're committing copyright infringement.
On the other hand,
"In relation to the use of VPNs by Australians to access services such as Hulu and Netflix, on the limited information provided there does not appear to be an infringement of copyright law in Australia," a spokesman for Attorney-General Robert McClelland said. "Whether the Australian users have committed an offence by deceiving these providers about their identity, or eligibility to receive their services, would depend on state or territory criminal law."
It's never been tested in court, but the US AG has repeatedly claimed that violating the TOS is "unauthorized access" which they prosecute as a felony.
