So where could this "modern Australian" call home?
There are several empty restaurants right along this stretch of Second Avenue, including:
The old Sin Sin space!

The former Mission Cafe!
Kurve/Rhong Tiam!
The former Sea Salt! (Closer to Sixth Street, but...)
Or, if someone has their streets wrong, how about the Matsukado space just north of Sixth Street?

And what, exactly, is modern Australian? I'm sure it's good. But I can't help but think of the drink-and-drown crowds hitting the Sunburnt Cow weekends ... which leaves me with a different perception of Australian cuisine.