The trouble isn't just the ability of the hospital system to accommodate COVID- and non-COVID patients, it's that there will be plenty who die despite the efforts to keep them alive. Then there's the issue of the subsequent waves each time restrictions are eased then re-imposed. Sadly it sounds like it's going to be a long haul.
This is a response to the suggestion that we need to accept those deaths as inevitable.
An interesting question would be how much money could have been saved if the initial response had been much stronger. Close borders early, strongly advise Australians to return home otherwise they might not be able to re-enter the country and strong screening and quarantining of every arrival into Australia.
Of course it would be incredibly difficult politically to take that action before the number of local cases were rising rapidly but the number of affected industries and people to provide stimulus to would have been much less.