Light can travel over 34,000km in that time. The great arc distance from LA to Sydney is just over 12,000km. In all likelihood the fiber line connecting them doesn't follow that arc, but it shouldn't be too far out of limits. So about 2/3 of the latency is caused by relays and switching equipment.
it gets even worse for satellite, because (until starlink) communications satellites are in geosynchronous orbit, 35,000km above the equator. so talking on one means a 70km round trip, which causes its path to take over 5x more distance than the linear distance (across the surface) between those 2 cities.
Not really; the speed of light in fiber optic cable is only about two-thirds of that in a vacuum. That means it takes light about ~60ms to travel the 12,000km great arc distance.