But the Europe and North Africa connection is already a relatively serious proposal precisely because of the efficiency gains. It's definitely an ambitious project, but more from the politics than from the technology. Electrons are just easier than atoms, even underwater. HVDC has made long distances realistic for cables.
China's Anhui to Xinjiang HVDC link will be around 2000 miles. There's a planned HVDC submarine cable from Lincolnshire to Denmark that will be 472 miles.
So for Australia to China, we might be able to pull off Darwin to Jakarta, then Jakarta to Hong Kong within 10-20 years, if you really wanted to. Would break some records, but it's not crazy impractical.
Though with the most efficient transfers you're taking some percentage hit per mile. Closer generation is generally going to be smarter, especially if you're running cables through what would be really viable offshore wind fields.
https://en.wikipedia.org/wiki/European_super_grid
https://www.power-technology.com/features/chinas-mega-transm...