Very happy to see more opportunities to earn on Star Alliance in Australia, it's not easy at the moment. With Qantas still in Australia's bad books, this feels like a smart move to encourage some Oneworld travellers over who would normally not be open to a change.
The one area that's lacking for me is if you're already a Business class traveller. The Star Alliance Gold gives you zero(?) extra benefits so I think the card needs something extra for the $450 annual fee. Maybe offer a portal that offers extra ticket availability, or extra flexibility on bookings - eg free ticket class boost subject to availability (within cabin).