Budweiser in Australia is drinkable, though very much generic tasting.

Over all, Australia has better beer, but there are some pockets in the U.S. where there is some kickass brewing culture. I lived in Wisconsin for a bit and they do have a better drop than we do in the East Coast. I mean, Leinenkugel & Stevens Point both brew stuff that's widely available and very much enjoyable, up to bar with Boag's here in Australia.