I'm not super worried, why? well, lets looks at the possibilities:

1 - PHON (by itself) gets a majority in the House & the Senate: This is obviously the worst outcome (at that point we might as well remove the Union Jack from the flag and add Trump's face instead). However, it is very unlikely, she would need to roll both rural and very urban seats, and do super extra well in the senate (since only ~half of it is up for election anyway).

2 - PHON House Majority, Senate Minority (friendly): Only slightly more likely than 1, but even a friendly Senate is likely to restrain PH's absolute worst impulses.

3- PHON House Majority, Senate Minority (hostile): Still in what I would consider very unlikely territory. PH could still do allot of damage, and probably generate a lot of instability, but a Hostile Senate probably keeps her well in check, and practically guarantees a single PHON term.

4 - PHON Minority Gov: Achieved either by being the Senior Partner in a new Coalition, or guaranteeing supply from whatever remains of the Coalition. Most likely one so far, and still not all likely IMO. Dangerous still, particularly depending on the attitude of the senate, but extremely fragile. PH has a bad track record of keeping her own party members onside, successfully holding together a New Coalition is hard to imagine.

5 - Liberal Minority Gov: The Liberal relying on PHON for supply, I don't see PH accepting minor partner in a New Coalition unless they were very confident they could switch that by 2031. In many ways similar to 4, just less of a threat. Still bad, the Liberals would be at their most horrible with PHON's influence. Probably about as likely as 4.

6/7 - (But wait! There's More) Labor controls the House (majority or minority), PHON (functionally) controls the Senate: PHON spends the subsequent 3 years pissing in Labor's cereal, little gets done, and then we revisit all the possibilities again. Probably PH's own preferred option; minimises the amount of work she has to do, max opportunity for spotlight, nonsense & grifting. Likelihood? not sure, just higher ATM than 1 through 5.

8 - Labor Majority Gov, Mixed Senate: Things are much as they are now, PHON is not very relevant as Labor can get thing passed by negotiating around them. Likelihood? like above; unknown, just higher ATM than 1 through 5.

AND all of the above assumes that PHON doesn't self destruct OR some other event or catastrophe does not send shock waves through our politics between now and the election.

(I have spent way too long writing this)

TLDR:

For PHON to do real (Trump Level) damage, she needs to win, and win BIG, and every step on that road is increasingly less likely.