Without a finals system, and no relegation, you give at least half the teams nothing to play for from about a third of the way into the season. It works in European leagues because they still have things to play for (not being relegated, European competitions, bigger prize money).
It should be noted, the team who comes top of the league gets the title Premiers (and automatic AFC Champs league qualifying).
A second division would not only be unfeasible to support, it would be hell to set up. Do you expand the league to 16 teams (which I think would be a good amount), then just decide to make it two leagues of 8 (not enough teams).
With the size and spread of Australia, and the relative strength of the code, you can only compare the league to MLS which doesn't have promotion/relegation. What they do however, is 'promote' teams from places which have strong sides (and the possibility to succeed in the MLS) into the league. Seattle, Portland, and Vancouver have just had their USFL-1 teams moved into the MLS. A nationwide semi-pro league could be an option, otherwise just 'promote' teams from state leagues, eg Woolongong could get an A-League team if they seem to be outgrowing the NSW league (or an NZFC team).
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"Phoenix till they lose"