In everyday Australian conversation, “Fair enough” often does not mean “I completely agree with you”. It is closer to “I understand your reason; that seems reasonable enough to accept.” It acknowledges the other person without requiring identical views.
A: I’m going to stay home tonight. I’m exhausted.
B: Fair enough. See you tomorrow.
“I agree” usually states agreement more directly. “Fair enough” leaves a little more space: you may simply be accepting someone’s decision or explanation. The expression is also common in British English, so it is not uniquely Australian.
https://www.collinsdictionary.com/dictionary/english/fair-enough
https://www.oxfordlearnersdictionaries.com/definition/english/fair_1
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