Agreed. However even the ALP are far from radical on a number of social issues. For example, you won't hear them endorsing same sex marriages or polygamy as seems to be happening in places like Holland. The left in Europe and even the United States would be well to the left of any mainstream political groups in Australia.
The ALP may be to the Right of the left in Europe or the Us, but I'm not totally convinced of that staying that way. Beasley is a pretty much a moderate populist, and under him the ALP is likely to appear more centre than left. However they did run Mark Latham in the last election and apart from being a nutter he's right up there with the far left from anywhere (starting with being very anti-US).