Not so.
It's a nice place to hole up, build your horde, and then come busting out into Asia. Trouble with the Australia strategy is, You only get two pieces per turn for it (as I remember) and other more aggressive empires gain more pieces per turn until they can win a war of attrition, invade your lands, and hear the lamentations of your women.
And that is why Australia will never take over the world.
#RiskIsReality
The America strategy is best, if you can deny ownership of Europe, which is easy with just one country to defend.
Never go against a Sicilian when death is on the line. And NEVER involve yourself in a RISK game with Bagster when winning is on the line.
And besides. When I'm losing, I'm a big board flipper. I'm not afraid to go nuclear.
Bagster