Buying an engagement ring in the US and bringing it to Australia
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According to https://www.border.gov.au/Trav/Ente/Duty-Free-concessions you can bring in AU$900 worth of "general goods" (which includes jewelry) without duty. Since the ring is worth more than that, you (or she) will have to declare it and pay the appropriate customs duty.
The rules for determining how much duty is owed (and other taxes) are typically complicated, so it may be hard to know in advance how much it will cost. https://www.dutycalculator.com/country-guides/Import-duty-taxes-when-importing-into-Australia/ says that duty rates vary between 0 and 10%, and GST is an additional 10%.
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