If you would consider geology, it is evident that the island and the continent are two different things. There are individual islands that may be a part of one whole continent. A continent may be made up of several islands. Islands are usually smaller than the area of an entire continent. There isn’t a strict definition of continents that are available right now, but often, people assume that something is an island or a continent based on its size.
Some may argue that Australia should be considered as an island because it is small, but others would say that it has already been declared as a continent and it would remain the same for the years to come.