An older brand which was bought up and, by the stage of that frame, most likely exactly the same as many others on the market at the time in Australia, perhaps with different paint, and of course, different decals.
My fluorobeast is a Graecross. A friend of a friend has exactly the same bike, arguably even uglier (more sparkle), as a Repco. The forks you describe sound like mine.
http://bicyclehistory.com.au/MalvernSta ... brands.htm
At the beginning of 1992, the South Pacific Cycles brand names were also acquired and folded into the Malvern Star business. As a result of these various takeovers, Pacific Dunlop, through Malvern Star, controlled; Speedwell, Cyclops, Bennett, Graecross, Peugeot and Raleigh brands, as well as Malvern Star.
See if you can see what the frame is made out of. It's probably steel, but if it has a sticker saying something, it's likely to not be the ultra-heavy Hi Tensile steel, and be something lighter - ChroMo or Chrome/Moly. Much lighter, but still steel so has a nice feel. The better the frame/steel, the stronger the argument to do something with it. But then, you can probably buy complete ladies bikes, with basket and guards, for cheaper than what it would cost to fix this one up.
(Not saying you shouldn't - but just helping you substantiate your 'yes').