Well you seem like a good candidate from you you have here, and I think that what you have should be enough to get you into those Australian programs. I'm not entirely sure why you are limiting yourself ONLY to Australian programs (is it a life choice? are you thinking about Euro/US/Asian programs too?) I would say that for the moment the main weak point in your profile would be the GMAT (but for the Australian schools it is good enough), but that maybe with 50 points higher, you could try for far higher ranked programs.
Again, it's totally up to you! And it depends on what your goals are, and where you see yourself in the short and long term after your graduation.
Thanks a lot for the positive feedback !!! I have plans to settle down in Australia and hence AGSM becomes the first choice....and some ppl do call it the Harvard of Australia
. I am planning for a second chance at GMAT and targeting 720+ score.