Loss of international trade would certainly hurt us at the start but I think we could probably weather that storm well enough to miss out on the badness of the typical Project situation in the USA. So yeah, unless there was some sort of NBC attack on Australia, the Project (as much as I would love to see it hosted in my home country) probably isn't applicable to Australia
To make it viable we have to either have Australia directly attacked with WMDs of some sort to ruin the government/society or we have to have some natural catastrophe occur (like say, the loss of NASA due to the war, means that space monitoring is no longer done and a wandering asteroid crashes into good ol' Oz and we cop a right spanking.)