Since no vaccine is 100% effective and since in practice Australia aims for 100% elimination of the virus, it would seem we have two different futures:
1) We all get vaccinated and the borders remain closed
or
2) We all get vaccinated, and the borders are opened.
In the second scenario, we can expect infections to rise but most probably not to a point that is overwhelming to the medical system. We can certainly expect more deaths in the future and many many calls to keep the borders closed. IMO, Australian's may have to lower their expectations regarding living in a Covid free world and accept a certain level of mortality.
It may simply be a case of "we have done everything we can short of living in a bubble".