The benefits of trade for Australia are largely economic and geopolitical. There are a few cultural advantages, but they are less important (at least arguably) than the other types of benefits.
Culturally, trade can bring greater diversity to Australia. This is because trade encourages more contacts with people of the Asian nations surrounding Australia. Trade, for example, can encourage more Japanese and Chinese people to visit Australia. It can cause some Asians to need to live in Australia at least temporarily for business purposes. This can add to Australia’s culture to some degree.
Economically, the importance of trade is clear. Australia has large mineral deposits and it has an advanced and diversified economy. This means that it can provide many of the sorts of things that China (as well as other countries) needs. If Australia can supply things to the Chinese market, it is likely to be able to sell much more than it ever would be able to use domestically. Trade, then, helps Australia’s economy by opening up much larger foreign markets to Australian goods and services.
Geopolitically, we can argue that trade matters as well. If Australia has strong trading ties to countries like China and India, it may be able to have some influence on those countries. Since China, in particular, is seen by many as a rising power, this can be a valuable thing for Australia.
Thus, Australia can benefit from trade in a variety of ways.