I've worn both. Most blokes have if they're honest. Cheap imported underwear has its place, but that place probably isn't against your skin for 16 hours a day. Australian made underwear is a different product in ways that go beyond branding. The materials are selected with the local climate in mind. The sizing is developed for Australian bodies. The quality control reflects local standards rather than the lowest common denominator of offshore bulk production. These differences are felt in daily wear, not just on paper.
The cotton is the clearest example. Australian made underwear uses cotton processed and selected to perform in Australian conditions. Hot summers, high humidity in parts of the country, and the kind of active lifestyle most Aussies have. Cheap imports are made from whatever fabric hits the required price point, and that fabric is often sourced for a global average that has nothing to do with wearing underwear in Brisbane in January. I've seen blokes swap from imports to Australian made underwear mid-summer and describe the first day as a revelation.
Construction is the other big difference. Australian made underwear is held to a standard that local manufacturers are accountable for. Seams reinforced properly. Waistbands built to maintain tension through 100 washes. Fabric weight that's honest about what it is. Cheap imports cut corners on all 3 because the priority is hitting a price, not delivering a product. You don't always notice the corner-cutting in the shop. You absolutely notice it over 3 months of wear.
What makes Australian made underwear worth choosing over cheap imports isn't complicated. Better fabric, better construction, better fit for Australian bodies. The price difference is real but so is the longevity. My recommendation is to try 1 quality pair alongside whatever you're currently wearing and compare them honestly after a month. The Australian made underwear will win. It does every time.