I'm glad to see you posting here in the Community, @j-mihir-shah.
Let's figure out why you're unable to create the recurring invoice template and end the loading error.
I've double-checked here and haven't found any reported issue specific to the Australia region. I also replicated the issue and was able to succeed in creating a recurring invoice template.
Let's perform some basic troubleshooting to determine the cause of the problem. I suggest starting by using an incognito or private browsing mode for QuickBooks Online (QBO).
You can run a supported browser, then press Ctrl + Shift + N for Google Chrome or press Ctrl + Shift + P for Mozilla Firefox. Then run QBO from there to create the recurring invoice.
If the problem persists, I recommend clearing its cache to remove the browser's memory that caused QuickBooks to get the loading error. Alternatively, you can switch to a different supported browser.
In case you need to contact the QuickBooks Customer Support team, I'm attaching the article I recommend on this:
Contact the QuickBooks Online Customer Support team.
Get back to me if you need more help with changing templates. I'll be sure to lend a hand.