In 1997, then-Treasurer Peter Costello authorised the Reserve Bank of Australia to sell 167 tonnes (two-thirds) of Australia's gold reserves, reducing the nation's holdings from approximately 250 tonnes to 80 tonnes.  The sale was executed at an average price of roughly US$306 per ounce (or just under AUD$450 per ounce) during a period when gold prices were near a 20-year low.

China swooped and brought most, if not all of it.

The conservatives stuffed up back then.

Australia has 80 Tonnes in Gold in London's LMBA.
At today's price, just over $16 billion dollars.

Should the gold be sold and the revenue, $750 for every adult in Australia, be sent out to help cover the current rising inflation from Israel/Taco's war ?

No - we should move our Gold from London and store it here.

Due to the liquidity crisis, Gold is predicted to continue to drop hard.
Due to fuel shortages, countries with gold will sell down their gold to buy fuel.

Rater than return the pretend LMBA gold, Australia could sell it then nationalise gold mines. Store our gold underground.