On paper it appears that way but they've been a completely different team when Longbottom plays. He has played four tournaments this year where they've finished 7th (knocked out by South Africa who won that tournament), 2nd, 2nd and 4th where he only played a few mins in the 3rd place match. In other words they could have very easily have medaled at three out of four events with him which is a pretty good strike rate. Longbottom was named in the team of the tournament on those three occasions as well so it's not like it was a coincidence that they played better when he was there.
Australia also has Toole re-entering the SVNS system who was a standout and gives them the speed that they have been desperately needing in their backs. They've also got a couple of other Super Rugby players potentially joining. Unfortunately Lancaster was always down as re-entering the system which would be massive but it seems like the Wallabies will use him. But if he did then that is another major strike weapon that they haven't had outside of the Perth round.
As I said though it depends on whether Longbottom is fit which seems very uncertain. Without him you can put a line through them but with him they're a completely different team and that's without the other new additions.