An Oz passport renewal costs $295 and is valid for 10 years.
My EU passport renewal costs 85EUD and is valid for 5 years.
Both these documents contain a security chip, special photo, are tamper resistant, can be processed by globally available equipment, and are an accepted method worldwide of proving you are you.
An ASIC is just "me too" bureaucracy gone wrong and has much weaker security and is more expensive to own for that privilege. The verification methods are often unenforced and when they are enforced are extremely unsophisticated.
I recall that the main reason for the obscene cost was with the printing of the ASIC itself. If this is still the case and hasn't been rectified in the last decade then it all must be a rort.
Can you fly with an expired ASIC? Yes you can and many do with unfettered freedom - but not in Australia.