It'll all "work", but you're right on the PSU aspect, it's far from the best.
The rest of the setup is very solid - there's probably points you could save some money though:
1. I assume this is a gaming rig. 16GB is ideal, 8GB is still viable. 32GB is just a waste of money.
2. What resolution do you plan to play at? The 1080 is great at 4K, but if you're at 1080p or 1440p, I would look to a GTX1070.
3. The case is a little overpriced. It's a nice case, but there are cheaper options.
4. The PSU. Not only is the CS not the best, you can have an Antec High Current Gamer 520W Semi-Modular made by SeaSonic for $99AUS.
As an FYI on the PSU, you might want to call this CPL place up:
http://au.pcpartpicker.com/product/CmMFf7/antec-power-supply-hcg520
$31 for an Antec High Current Gamer? That's the non-modular option made by Delta, but still a quality 520W bronze PSU - and $31AUS is crazy for it.
Shows as 'end of life' on their site, but if they have one in stock....
Here's an option, keeping the GTX 1080, and saving you ~$500 with no chance in performance:
PCPartPicker part list /
Price breakdown by merchant
CPU: Intel Core i5-6600K 3.5GHz Quad-Core Processor ($322.00 @ Shopping Express)
CPU Cooler: CRYORIG R1 Ultimate 76.0 CFM CPU Cooler ($99.00 @ PCCaseGear)
Motherboard: ASRock Z170 Extreme4 ATX LGA1151 Motherboard ($199.71 @ Skycomp Technology)
Memory: Corsair Vengeance LPX 16GB (2 x 8GB) DDR4-2666 Memory ($115.00 @ Mwave Australia)
Storage: Samsung 850 EVO-Series 1TB 2.5" Solid State Drive ($405.00 @ Umart)
Video Card: MSI GeForce GTX 1080 8GB GAMING X 8G Video Card ($1099.00 @ IJK)
Case: Phanteks Enthoo Pro ATX Full Tower Case ($139.00 @ PCCaseGear)
Power Supply: Antec High Current Gamer 520W 80+ Bronze Certified Semi-Modular ATX Power Supply ($99.00 @ CPL Online)
Wireless Network Adapter: Asus PCE-AC68 PCI-Express x1 802.11a/b/g/n/ac Wi-Fi Adapter ($104.00 @ Shopping Express)
Total: $2581.71
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2016-09-29 02:35 AEST+1000
Again though, at 1080p or 1440p, no more than a GTX1070 is required.