Using the exchange rate mentioned above, here's the calculation:
500000 AUD / 1.71 EUR/AUD = approximately 292,398.24 EUR
This means that as of that exchange rate, 500000 Australian dollars would be equivalent to around 292,398.24 euros.
Remember that exchange rates can change frequently, so it's advisable to verify the current rate before making any financial transactions or calculations. You can check the latest exchange rates from reliable sources such as banks, financial news websites, or currency converters.