The best evaluation of the process of biogeography with respect to the distribution of mammals on the Australian and South American continents is:
Fossils on both continents are similar enough to conclude that both continents were once joined and animals travelled between them then evolved differently when the continents separated.
This explanation aligns with the theory of continental drift and the concept of vicariance, which describes how species that were once geographically connected can evolve independently after being separated. The distribution of similar fossils on both continents provides evidence for this shared ancestry before the continents drifted apart.