I think the only option is to form a new progressive party. This would be aimed at what was Labor’s core constituency – ordinary people. Its goals would be to defend ordinary people against predatory business and finance, to promote a decent society, and to develop a perennial economy, one that moves away from crude mining (and dumping). This would not be an anti-business stance, rather a stance in support of businesses that play fair and produce real wealth for a real future.
There will be two reflex reactions (at least) to this proposal. One is that it will only divide the progressive vote and keep the Coalition in power. The other is that the Greens is already a progressive party, so why compete with them?