A prosperous, democratic Ukraine in the current de facto borders, with a heavily fortified frontline and secure skies, is a better option than a continuing war of attrition. Absent better options, it should be defined as victory, as it denies Putin his main goal: a Ukraine subjugated to Russia. And it would be more likely to entice Russia to sign a ceasefire than the current situation of slow but steady advance and the prospect of a collapse of international support for Ukraine.
Arming Ukraine sufficiently is a matter of money and industrial capacity outside the United States. Until the latter is built up further, deliveries from the United States will still be vital. It is possible that the US government will not allow exports to Ukraine. But given the transactional nature of the Trump administration, it might well accept third parties providing the finances to underwrite US military industry, jobs, and profits.
Thus, prosperous democracies, including Australia, should provide the financial support necessary through a global coalition of the willing. Such a flexible alliance has the advantage that it does not rely on the complex decision-making mechanisms of NATO, the European Union, or the United Nations. It will be less prone to vetoes by individual countries, and therefore more resilient to the shocks electoral policies can inflict on international relations. An ally who would lose interest in the alliance would simply drop out, not impede further help to Ukraine.
The same global alliance of democratic states could then also invest in the rebuilding of peacetime Ukraine. This effort might well involve a public-private partnership. In Australia, Andrew Forrest has already committed $500 million for a reconstruction fund. Others might well follow. Russian frozen assets might also be seized to build such a fund.
Democracies like Australia have a duty to support Ukraine, a fellow democracy. But they should also do this out of self-interest. Given that the United States has vacated the leadership of the democratic world, a global coalition of the willing to make both the stabilisation of the frontline and the postwar rebuilding of Ukraine possible might well turn out to be the first step to something else altogether: a global alliance of democracies who support each other in a world increasingly threatened by neo-imperialism, be it of the Russian, the Chinese, or the US variety.