Earlier quoted context omitted.
The "Victorian Big Battery" cost about 100 million to build and provides 450MWh, so at those prices the 120GWh they calculate for 5 hours would cost about 25 billion. Not outrageous in the scale of nation building projects.
They won't use batteries for grid scale storage, that's a bit too expensive. They'll probably use hydro, some sort of heated mass or compressed air. Or gas, it's much better than coal at least.
Hydro is also intermittent - it requires the right amount of rainfall, currently hydro in Australia is not able to reach full generation because it will flood downstream as it's been a wet year.
Hydro is not that cheap (depending on the metric you need) - see an example[1] comparing Australian hydro to the aforementioned Victorian Big Battery.
[1] https://www.solarquotes.com.au/blog/snowy-2-vs-battery-stora...