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I've always considered the standard reply to be "yeah nah, not too bad, yourself?". I think that it's possibly more Kiwi than Australian though.

usually we'd do a yeah nah, as an optimized "I hear what you are saying, but that's not true... < inform the person of the truth >"

as in "You're looking well", "yeah, nah, been a bit crook lately"

I love how often phrases start with "yeah..."