Invading a power overseas involves securing a supply lane, which implies total control of the intervening seas. This might be vaguely possible with Taiwan and Japan. The seas involved are not that huge. Australia? America? They would have to build a blue water navy to overmatch the US. They would be far better off choosing an opponent that can be confronted with their large land army. Hong Kong, India and Russia come to mind.
The significant thing was that they cancelled their latest two aircraft carriers. Well they might. They cannot launch planes from carriers without cutting down weight, without losing out on their fuel and armaments capacity. Thus, they gave up on building a blue water navy. They just don’t have the technological capability at this time. They cannot build good carrier aircraft.
The question for me is whether they can protect an invasion fleet, say heading for Taiwan, from submarines. Vaguely possible they might try that one. No doubt who has the superior army, but can they get there in good supply?
There is a saying about war. Amateurs study tactics. The professionals study logistics.