People smuggling is quite distinct from people trafficking. The former involves treating people as clients who want to move illegally across a national border. The latter is about slavery. With that distinction out of the way what is the current market price for the service of being smuggled into Australia?
I don’t actually know the answer. However the following suggests an answer:-
most anecdotal evidence placed the cost of being smuggled to Australia at between $30,000 and $50,000.
In addition to any direct monetary cost there is also some risk of death and legal repercussions associated with being smuggled into Australia. Presumably people would pay a higher fee to be smugged down under without those extra risks. Also the fee suggested in the quote above is about ten years out of date.
What would happen to the smuggling business if the government let anybody into the country and made them permenant residents for a flat entry fee of $50,000? Would the illegal arrivals mostly disappear? How many immigrants would we get each year? How much revenue would it raise? Would it entail greater procedural fairness than the current system?