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
Absolutely so. In fact, after the inhabitant of Australia had won five times in a row, we were forced to connect Eastern Australia to Argentina so it could be attacked from more than one direction. Holding that continent early with only one attack point allowed the holder to fence off Kamchatka, and then go for the three country wall of Middle East, Afghanistan, and Ural. Once the player had Australia and Asia it was over.
At least that was our experience, yours may have been different.
Ukraine? Ukraine is WEEEEAAAK!!!