Wager about gold in Australia, is outstanding (5)

I believe the answer is:

beaut

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'australia is outstanding' is the definition.
I can't judge whether this definition defines the answer.

'wager about gold' is the wordplay.
'wager' becomes 'bet' (synonyms).
'about' indicates putting letters inside.
'gold' becomes 'Au' (Au is the chemical symbol for gold).
'bet' placed around 'au' is 'BEAUT'.

'in' acts as a link.

Can you help me to learn more?

(Other definitions for beaut that I've seen before include "16 down's fine or attractive example of something" , "fine thing" , "cracker" .)

I've seen this clue in The Guardian.

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