If you live in the US, it's very easy for the US to get your data, and more irritating for the US to ask Australia for your data.
If you live in the US, it's very easy for the US to get your data, and more irritating for the US to ask Australia for your data.
As an American storing data in Australia creates another problem. The US can't spy in the US on it's own citizens but another country can at the request of the US government and will report everything back to the US.
I would pick Russia or China first...
Or just use protonmail which is designed to offer some protection.
If you are planning to be a terrorist, having data in a Five Eyes country is a bad thing, because the CIA can probably get it easily. However, for your garden variety crime, no, the local police department can't easily get the CIA to get information from Australia for them.
So depending on your threat model, this may or may not be a big deal.