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.