Why would you team up with dying economies?
Seriously though, whilst it's important to work with allies (in the scientific sense of the word) it is also critical to grow domestic intelligence in as many fields as possible. Australian industry and research has a history of innovation and discovery, especially in fields such as science and engineering - but a lot of that talent is still forced overseas.
I think it would be something to be proud of, something that would help to drive technical fields in this country rather than digging holes or selling cheaply renovated homes for vastly inflated prices.
Australia has also been a pioneer in exploration of Antarctica, in astronomy - so why the hell not? IIRC there has also been some important developments towards scramjets in Australia too. That's the kind of stuff that we should be aiming for, as a prelude to gaining a foothold in low Earth orbit and beyond.