Lydiate was bitterly disappointed with the performance during the two side's last clash in Cardiff.
But after claiming the Six Nations Grand Slam and recording a six-match winning streak, Lydiate is determined to turn Wales' 'Ashes Series' around.
"When we played Australia at the Millennium Stadium before Christmas I felt we let ourselves down," said the 2012 Six Nations Player of the Tournament.
"If it was an Ashes cricket series we'd be two down with four to play in the series, so we've got work to do to get back in it.
"It's going to be a massive challenge because not many European teams go to the southern hemisphere and get results.
"But we will definitely be up for it and we're looking forward to getting stuck into them.
"There's no point in messing around, you have got to tackle things head-on.
"It is exciting times and we've gone there off the back of a Grand Slam.
"The next step for us to get a result in the southern hemisphere."
Wales have not taken a major southern hemisphere scalp Down Under since beating the Wallabies at the 1987 World Cup. But Lydiate insists it is time to earn the respect of the big three.
"We need to start winning against them," said Lydiate.
"We nearly always seem to be in it and have a chance of beating them when we play, but they know how to get over the finishing line.
"It's only when you do win in the southern hemisphere they will start taking notice of you. It's our mission to win that respect."
One of the key battles in Brisbane will be in the back-row. Lydiate, Sam Warburton and Toby Faletau have won widespread plaudits in the past 12 months but will come up against David Pocock and company.
"I've played against Australia a couple of times in the last 12 months and know a lot about them," added Lydiate.
"They're a very dangerous team and have such quality - their back-line is awesome and their back-row is one of the best in the world."