Big story I cover, involving Australian (5)
I believe the answer is:
iliad
'big story' is the definition.
'iliad' can be an answer for 'story' (I have seen 'Old story' mean 'iliad' so perhaps 'story' could also mean 'iliad'). I am not certain of the 'big' bit.
'i cover involving australian' is the wordplay.
'cover' becomes 'lid' (lid is a kind of cover).
'involving' indicates putting letters inside.
'australian' becomes 'A'.
'lid' enclosing 'a' is 'liad'.
'i'+'liad'='ILIAD'
Can you help me to learn more?
(Other definitions for iliad that I've seen before include "Homerian work" , "literary work" , "Homer's tale" , "epic work" , "long story" .)