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I just found an interesting article from the International hydro association that mentions PNG has untapped Hydro sources of potentially 15,000 MWH, and currently only has 250 MWH of installed capacity.
Origin Energy were seriously interested in the idea some time ago and did some decent work on it. They were looking at 1200 MW for base load operation as the initial stage with transmission to Qld.
Hydro is often dismissed on the basis that Australia is dry and flat but, as someone who has a list of possible sites in every state, I'd argue that there's certainly potential to develop more of it and use it to fill the problem of wind and solar "droughts" which presently have no easy fix.
I don't advocate a "dam the lot" approach, there are some sites which definitely shouldn't be developed in my view for conservation or other reasons, but there's certainly potential to do more than has been done thus far as long as a sensible approach is taken rather than an ideological one.