You are correct that tax credits may be applied yet these mitigate double taxation and do not eliminate it.  You might not take my word on this but do a little research.

You also choose to live in the U.S.   It would only be right if the U.S. pays for the infrastructure I use in the country in which I live in return for the tax.  Very nasty that the U.S. forces people to renounce their citizenship.  You might do some research there.

Even in the cases of full tax credits, the overlay of the 76,000+ page tax code on top of the tax code of Australia requires specialized tax consultancy and this may run into the thousands of dollars even for basic situations.

Then the U.S. code has many serious penalties for anything "foreign" to the U.S. but local to me. If I forget to report a bank account with a $1 balance - to the U.S. Financial Crimes Enforcement Unit (note I am suspected guilty already) - the fine is $US10,000.  U.S. residents don't get such threat and fine for local accounts.