“Better” when considering elsewhere is always relevant and depends on what you personally value.
Without doubt there are better places with regards to cost of living, significantly better. Then the question is whether you can earn money there or have sufficient savings and that will be a challenge for a lot of young Aussies as most lack skills and don’t speak foreign languages - relocating is a bit different to backpacking.
But there will be enough who can opt out and will do so. It doesn’t take much, a few hundred thousand, a couple percent of the population, that will be enough to wreck the economy.
Most Aussies have never faced real hardship though, and still cling to their nostalgic version of this country and have outdated views of other places so it will take more pressure and time for this to happen, but it will happen.