My father is German, born in Germany and migrated to Australia where I was born in 1983. Unfortunately he became an Australian citizen a couple of years before I was born. I know I cannot get a German passport but are there any other EU allowances that exist for children of those born in the EU?

I suggest you just do find your own way out than thinking about your father's status.You can go to the German Embassy in Australia and find out.But to the best of my knowledge if your father lost his German nationality then it will be very difficult for you to have it.Except on your own condition not on the pretext of your father.I don't also think Australia nor Germany accept dual nationalities.If they do then you can have access to start processing.