Melbourne is 20 hours ahead of Anchorage
Best overlap: 12:00 PM to 6:00 PM in Anchorage is 8:00 AM to 2:00 PM in Melbourne.
If you set up a recurring sync, 12:00 PM to 6:00 PM in Anchorage (8:00 AM to 2:00 PM in Melbourne) is the natural home for it. Because you share 6 hours of the workday, there's no need to compromise; book the time that suits the meeting, not the map. Don't get caught out: Melbourne is the next day from Anchorage, so "tomorrow" means different things to each team.