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Significance
The Kokoda campaign was successful for the Australian troops. The aim was to keep the Japanese invaders from taking Port Moresby, and they successfully did this. Japan was unable to take Port Moresby, thus did not have a site from which to bomb Australia.
The Kokoda Campaign is one of the most significant military campaigns in Australian history. At the time in World War 2, it was a serious fear that Japan was planning to invade Australia, though we now know they were not. The soldiers part of the "Maroubra Force" believed they were fighting to save the Australian mainland. Had the Australian and Papuan soldiers not stopped the rampaging Japanese, the war in the Pacific may have gone on much longer, costing more lives.
The campaign in Kokoda showed Australia's participation in World War 2, just as Gallipoli showed Australia's participation in World War 1.
The battle was fought against the odds, and Australia, the eventual victors, were seriously outnumbered by the Japanese. (Australia only ever had about 3,500 troops directly fighting while Japan had around 6,000).
The Kokoda campaign aided Australia's military practices and operations. For example, at Kokoda, supplies struggled to reach the Australian troops from the air, so were improved for future battles.
Beating the Japanese was important, as their defeat at Kokoda meant that was where they were stopped. Japan had to go backwards from that point, and this became a major turning point in the war in the Pacific. They had been beaten, and weakened. Just two years later, in 1945, Japan surrendered unconditionally.