This sculpture was commissioned from Ray Ewers (World War II official war artist, 20 Aug 1917 to 5 Jun 1998) in 1954. It was intended to commemorate the sacrifices of Australians in all wars. Originally located in the Hall of Memory, it was moved in 1993 during the construction of the Tomb of the Unknown Soldier and now sits amongst a grove of silver birch trees in the Sculpture Garden. Those trees also serve as a commemoration to those who served.

The sculpture was cast by Battaglia & Co in Milan in 1959 based on a plaster that Ewers created a year earlier. Apparently the job was too big for local producers, whereas nobody does monuments like Italia.

It would probably be rare to see a sculpture like this made in modern times. Without wishing to disparage it, and recognising that it was a product of its time (the 1950's), the stance is perhaps a little too chisel-jawed and heroic for the contemporary period.

Modern sculptures are more likely to be in the style of Peter Corlett who created the Simpson and his Donkey one in this gallery (080705_113748_2176 and 080906_110853_2524); ones depicting ordinary people in extraordinary situations.

That said, according to the AWM's site it's not intended to be heroic. It's intended to symbolise this:
"The figure was intended to symbolise 'young Australia' in an attitude of remembrance, hope for the future, and achievement.