Yes. This solution might not work for America - it's a lot easier to secure Australia's borders than a large land border. But it's also about political will - and we've got a government with that.
The conservative Howard government introduced this process over a decade ago, and it worked then. The number of people coming by boat decreased to almost zero. Labor got rid of it, and it lead to a disastrous increase in numbers again - eventually last year, even Labor accepted it was the only approach that worked. And now we've got a conservative government again, they've made it work even better.
The numbers are basically down to zero now.
Might as well forget about the southern border now since the entire U.S. will soon be a BIG Mexico.