What to do with Australia? Easy: go out into the world together. Actually, that is not easy at all.
First, what is the world? Fifty years ago it was the north Atlantic rim. That was where the money was, where the power was and where “we” came from.
Now the “world” for Australasia is the western Pacific. That is where, increasingly, the money is and will be and where the power increasingly is and will be.