I was looking for a friend (who lives in Victoria) on how to deal with noisy neighbours! It depends a lot on what action the council may or may not take and it was hard to find what could be the possible penalty for being a noisy neighbour.
But if you are really keen and had enough, you can convey the part of the following Act to council and push them to take action.
Public Health and Wellbeing Act 2008 (Vic)
Offence of causing a nuisance
(1) A person must not—
(a) cause a nuisance; or
(b) knowingly allow or suffer a nuisance to exist on, or emanate from, any land owned or occupied by that person.
Penalty: In the case of a natural person, 120 penalty units;