I was looking for a friend (who lives in Victoria) on how to deal with noisy neighbour! It depends a lot on what action council may or may not take and it was hard to find what could be the possible penalty for being noisy neighbour.
Public Health and Wellbeing Act 2008 (Vic)
Offence of causing a nuisance
(1) A person must not—
(a) cause a nuisance; or
(b) knowingly allow or suffer a nuisance to exist on, or emanate from, any land owned or occupied by that person.
Penalty: In the case of a natural person, 120 penalty units;