If you have private health care in Australia, it usually covers you in part for overseas things - but you can check. Pretty sure you can get evacuation cover added if you don't have it and the deal as to what is covered is usually much better than travel insurance.
If you travel with anything more than carry on, I can see your point. Knowing where your embassy is located in the place you are travelling to is a must in my book. For any issues or lost passports etc, that is the first place of call. Best to plan for it before it happens.
