Australia often takes part in the finals of the World Cup, so I immediately noticed this couple and overestimation of Peru. But as I said, I forgot to bet on the game.
Australian national football association (Football Australia) made a strategic move to move from OFC to AFC in 2005. And since then, they have participated in each and every edition of the world cup (2006, 2010, 2014, 2018 and now 2022). When they were part of the OFC, as a result of the complex qualification criteria set up by the FIFA, they could qualify only once (in 1974). But to be fair, at least on paper, Peru was a far better team when compared to Australia. And in general I would say that any team from CONMEBOL is far ahead of any team from AFC.
I think the main reason for Australia's transition from OFC to AFC was not the World Cup (they still have to play play-offs to get a ticket, like now for example) but a too low level of OFC.
I know that Peru was a fair favorite in this pair, but the only thing that matters for betting is underestimation or overestimation of the team. Australia was undervalued and the bet on it was profitable. If the bookmakers overestimated Australia (this does not mean that the odds for its victory would be two times lower - even 15% percent matter), then it would be worth betting on Peru.