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The A-Town Down Under is not active on television anymore, and it has been seen that Grayson Waller is working alone these days. He is rather working with The New Day and trying to be a part of the legendary faction. Austin Theory, on the other hand, is nowhere to be seen, and he is not mentioned either.
Previously, it was reported that WWE is considering releasing Austin Theory, and they will keep Waller as a singles star. But the report turned out to be false as it had been reported later that Austin Theory is not released from WWE, but he is out with an injury, and since his injury is quite serious, WWE decided to book Waller separately.

Why A-Town Down Under split
Austin Theory was one of the biggest projects of Vince McMahon, and he even wanted to post him as the next face of WWE. In a short time period, he and multiple successes, like winning the Money in the Bank Ladder match, winning an Elimination Chamber match, and also winning the WWE United States Championship two times. He even defeated John Cena at WrestleMania 39.
Austin Theory is presently out with a long term injury
But Triple H has no big intentions for him and decided to bury him as soon as he took charge of WWE creative. Once he dropped the WWE United States Championship, he even struggled to get regular bookings. Nowadays, Austin Theory is nowhere to be seen on WWE television.

Grayson Waller is working with The New Day right now
But when the WWE Undisputed Tag Team Championship broke into two halves at WrestleMania XL, the team of Austin Theory and Grayson Waller won the WWE Tag Team Championship titles, which made it look like this duo would now be pushed as a tag team, and the fans were quite satisfied with their new tag team.
But even this team started to struggle to get regular bookings once they dropped the Championships. Recently, it was confirmed by the Wrestling Observer Newsletter that WWE decided to split A-Town Down Under because of Theory's injury, and since the injury is reported to be quite long, Grayson Waller will now be working with The New Day.