The best thing to do outside is to put your shed under a very large tree.
If this is not an option, plant some trees that will be very large and dense for future cooling and in the meantime, I would line the shed (the whole shed, roof and walls) with foilboard. www.foilboard.com.au You need approx 15-25mm airspace between the exterior wall and the foilboard, I just glue it to 19mm battens with liquid nails. It comes in 10,15 and 25mm, 15mm isnt much more expensive than 10mm and it is more rigid and does a better job. 25mm is usually a special order. It is easy to work with and very effective. I assume they have QLD distributors, I usually buy it from the factory in Melbourne. Bunnings stock 10mm down here and can probably get 15mm for you. Ideally you would also want to be able to open roof vents at night to get it as cool as possible. Note that foilboard is only aluminium foil on polystyrene so it is not very durable so I would suggest lining inside to protect it, at least on the walls. Put 16mm ply over it and at least be able to hang tools and shelves on it (with suitable framing of course). Ideally you would also maintain the 20mm air gap between the foilboard and the ply as well for best results. Overall you will end up with walls approx 70mm thick if you do this, but they will be properly insulated rather than just tin which is a rather poor insulator (understatement of the year!).
Another good product are the reflective window tints. They can cut out lots of heat from the sun and have the added benefit of better security by making it harder for people to look in as well as making the glass stronger and harder to knock out of the frame. We got some windows done for around $75/square metre.
If you want to go cheap and nasty regardless of the look, put some 90x35mm on edge on the roof peak and eaves and down the sides of the shed and stretch shadecloth over the whole thing with a 90mm gap to the shed. It will stop a lot of heat before it gets to the shed itself but is not really a permanent solution.
For the best results, do all of the above and put an air conditioner in for good measure.
Cheers
Ben