It may achieve nothing at all. Sufficient signatures may not be achieved for the petition to be taken seriously, the senate may simply reject the submission out of hand, or against all odds, it might be accepted. If it is accepted, then the benefits of reinstating gold as a reserve asset for the banking system, repatriating the Australian Gold Reserves and accumulating additional reserves are:
1) Australia will be better prepared for a post-USD collapse and will be well positioned at the beginning of the "Asian Century", being better aligned with China and the next global monetary system. China of course is our largest trading partner, doesn't export its gold production and is stockpiling gold as a form of national savings independent of the global paper currency system.
2) The property of the Commonwealth of Australia will be back in the hands of Australians and not used to support the hegemony of global private banks profiting from the issuance of debt based money.
3) Gold has been assessed as leveraged at 100 to 1 in the gold markets. Extracting the 80 tonnes of physical gold from the base of the fractional gold scheme will have a significant impact on the value of that repatriated gold and on the value of Australian gold resources in general.
But perhaps the most significant benefit for awakening the golden giant is the power of the monetary manipulators and spendthrift politicians and their governments to indebt the future generations of Australians will be much reduced. Gold is honest money and restoring honesty, no matter how seemingly small or futile the matter, to a country whose motto is a "fair go" for all, is a legacy for which we of this generation may be well appreciated in the future.