It doesn't matter. There's no way that Australia could "save" the reef. At best, maybe they could bioengineer something that looked enough like a reef to keep tourists happy. Or maybe just replace it with plastic and stuff ;)
Well, I mean, it matters.. both the corruption and the destruction of the reef (which by the way also faces more imminent threats from mining and agriculture).
I don't mean that destruction of the reef doesn't matter. But I do doubt that Australia can do much to help or hurt, at this point. Perhaps reducing runoff from mining and agriculture would help. But oceanic acidification is a global issue, and it's inevitable at this point.