There would be an acceptable level of risk in establishing travel bubbles between countries with low rates of infection and which have demonstrated competence in dealing with the outbreak. Basically: Australian, New Zealand, Singapore,Taiwan, Japan, Thailand, Brunei, China, Hong Kong, Vietnam and possibly one or two more.
Two of the most popular destinations, Bali and Fiji would remain outside due to the high COVID rate in Indonesia, and whilst the rate in Fiji may be low, I’m not convinced they have the capability to monitor and manage the situation.
A whole change in outlook might occur, with Australians visiting countries they never considered before and new areas opening up for trade an investment. The kangaroo route to London will definitely return, but in the meantime there’s some lovely beaches and food in Vietnam.