Note Australian all but consumed in disgust (8)
I believe the answer is:
nauseate
'disgust' is the definition.
(I know that disgust can be written as nauseate)
'note australian all but consumed' is the wordplay.
'note' becomes 'n' (abbreviation).
'australian' becomes 'aus' (common abbreviation).
'all but' means to remove the last letter ('all but' can mean 'almost' or 'nearly').
'consumed' becomes 'eaten' (similar in meaning).
'eaten' with its last letter removed is 'eate'.
'n'+'aus'+'eate'='NAUSEATE'
'in' is the link.
(Other definitions for nauseate that I've seen before include "Cause sick or disgusted feeling" , "Eaten in USA - would make you feel sick" , "Cause to feel sick" , "Make (someone) sick" , "Sicken" .)