In regards to a war in Korea I would say Australia would contribute military forces, but maybe not the same type of forces it contributed in the 1st Korean War or in Vietnam. I don't think they would send infantry as they would only be a small fraction of what the US would send, and they would be under US command. But they would probably send some fighters, warships and support forces and maybe the Australian SAS.
Over the past decade Australia has expanded all of its military capabilities and will continue to expand over the next decade, and there is a lot Australia could contribute without sending infantry and tanks.
The Aussie Army is small; equivalent to a US infantry division with the reserve adding another light infantry division. But they use good equipment and they have a sizeable airmobile capability, and their special forces is large for the size of the army. The RAAF is also a good force, new Super Hornets, AEW's, tankers and 28 C-17/C-130H/J transport mix, with the F-35A and the P-8 in the pipeline. The RAN has two helicopter carriers and three Aegis destroyers building, and 12 new submarines and other ships are planned. The carriers are big and can carry 18 helicopters and an infantry battalion, and are fitted with ski-jump ramps which means they can carry US Marine or British F-35B's.
If a commonwealth force was sent to Korea I could see Australia sending some land forces as part of a joint British, Anzac, Canadian and maybe Indian force.
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