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I know that it's an object and you can use it may be like that but I thought when you are referring to a country you more faith as a culture and I am not sure if it can be used in the context 'there is nothing like Australia' may be a better fit

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    Australia is not an object, It is a location, So you may say: "There is nowhere like Australia". – 0_o Oct 17 '18 at 8:58
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Yes, it is correct. There's a idiom:

There's nothing like (something)

It is said about something you enjoy immensely.

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I'm afraid, it won't be common to say like that.

The safest use could be...

There is no country like Australia

This speaks everything you want! Australia is a country and then you are comparing the rest of the countries with it and then calling Australia as unmatched.

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