You would absolutely need a carnet for australia. For china it's not required. I'm going to guess that it would be a helluva lot cheaper & easier to buy & register a bike in your home country than in Australia.
As far as joining a china group, the processing time is usually 3 months but I do have a friend that joined our existing group with just over a month lead time. We did the 5 day run from Kyrgyzstan to Pakistan. Time of year should also be a major factor, you don't want to get stuck trying to cross the mountains in winter. Many roads close due to snow.
Good luck!
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