When a multi-park pass is worth it
The arithmetic is straightforward once you know the daily rate: divide the pass price by the daily vehicle entry fee to get the number of park days at which it breaks even, then count the park days in your itinerary. Because the rates change, do that calculation on the park service's current schedule rather than on a figure from a forum post.
As a rule of thumb, a holiday or annual pass is worth buying in Western Australia for any trip visiting three or more fee-charging parks, in Tasmania for any trip longer than two days, and in New South Wales for anyone who visits Kosciuszko or the Royal more than a few times a year. In Victoria and South Australia, where entry is mostly free, the question rarely arises — your costs are camping and, occasionally, a specific park.
One caution: passes are jurisdiction-specific. A New South Wales annual pass does nothing for you in Victoria, and no state pass covers Kakadu or Uluru-Kata Tjuta, which are Commonwealth parks. On a cross-country trip you may end up holding three or four separate arrangements, which is inconvenient but unavoidable.
Booking timelines that matter
Passes can generally be bought the day you travel. Campsites cannot. The sites with the tightest timelines are Tidal River at Wilsons Promontory and Freycinet in Tasmania, both balloted for peak summer; Cape Range near Exmouth, released on a schedule for the winter season; and the Overland Track, which has a booked season with a daily departure cap. For each, the release date rather than the trip date is what you need in your calendar.
Where a booking system defeats you, the fallback is a commercial caravan park or a council campground in the nearest town and a day trip into the park. That is a worse trip than staying inside, but it is a real one, and it beats arriving with nothing arranged in January.
Editor's note — Naomi Vale
Buy the pass online before you leave rather than at the gate. Several entry stations are unstaffed outside business hours, a few have no reliable card connection, and at least two parks I can think of have no mobile coverage at the entrance — which means no way to buy one on your phone when you arrive. Five minutes at home saves a genuinely annoying twenty at the boom gate.