I may have missed this, but have there been any specific accusations against Huawei? It is clear Chinese actors hack and steal IP, but have those been connected to Huawei, or are they just the easiest victim for the US to retaliate against?
This is just an expansion of official government policy put in place during the Obama administration to the rest of the private sector.
tl;dr: this isn't new territory for Huawei.
Now obviously, every country has its own agenda, but there are (arguably) stronger reasons to be concerned about China than most others. They are undemocratic and suppress significant parts of their population (the Uighurs, Tibetans, Christians, ..), don't believe in free speech or freedom of religion, but also have a large economy and military presence. Now of course, other countries are not saints, but the differences with China (and in particular its disregard for human rights) make future disagreement much more likely.
Huawei could sue the Australian government over the ban: https://www.afr.com/business/telecommunications/huawei-won-t...