Hey don’t be so critical. Most of don’t live in a magazine. First and foremost it must be functional and within budget.
I see a lot of seating and a big tv. In terms of focal points for arranging the required seating there are two: a fireplace and tv. Your tv is too large to go beside fireplace so you need to have it on another wall.
One less couch and you could open up to fireplace, but will this meet your functional requirements?
In terms of style, the painting to right of fireplace needs centreing. I am not sure what is on the large wall to left of entry, it looks bare but could suit large artwork.

Kate bless and ThankYOU !, yes it is easy to compare a lives in home to an Insta shot!!! Yes I am hearing you - fireplace is a nice focal but I have hidden.... there is nothing on the left wall and I had thought of a large piece of art in a bit of color - or could the RV work on that wall? Hmmm.... that is one way I haven’t tried! I could probably lose some seating... less is more and there are only usually 3 bums needing a seat!! Oh and the cat!! 😆💙

Can the two metal display units go together, then move tv, on an angle maybe due to size , say in one of the alcoves, then a couch go where tv was ?
Open up the fire area a bit, show off that classic chair and footstool....jelly!!!, and find a fab mirror second hand to go above fire, move art to foyer?
Get some plants...l
You do need some height, so maybe a tall lamp somewhere..
Or if budget allows, a lovely pendant hanging from that fab height ceiling.

Pendant idea

You could also change the brass downlights to less obtrusive slimline led ones.

Look, you've got very modern tastes and its all lovely. I don't mind the placement of it all actually. But the downside to the modern monochromatic look is it can look stark and not cosy and warming. Especially, as most of the magazine styled homes that have this style are really high end custom builds, there is a lot of invisible finesse in those spaces that comes down to architectural design, light, shape etc... they also tend to not have stuff and families etc... check out the hygge trend and see what elements from that could bring some warmth and cosiness. everything you already have is lovely! maybe some splashes of taupe and clay and dusty rose? A few chunky throw blankets over the couch? A nice feeling rug under feet. I'm not feeling the zebra art, but you must have liked it to buy it right? you need a bit more personal touches incidental splashes of colour and texture and pattern to bring it together. test it out, kids stuff is a great source of colour, if you grab some random colourful things and arrange them onto those shelves and stand back does it look more inviting? Baskets of toys? a pot plant?

some pictures to match my suggestions. pay attention to the soft furnishings and decor. I don't imagine you changing or removing anything you have, just adding a few colourful pops to what you have

You also have a lot of blank wall space and some earthy contemporary prints could really look good. Another other idea is to add in some not so modern elements like opshop finds and handmade things.

Tell me also... how does your lounge look so nice when you have kids? where are the kid things? where do you hide the kids? I find lego everywhere... there are crayons and bits of paper. a random teddy. a marble... tiny pictures my little girl cuts out and leaves everywhere as offering, she signs every single one with a little t, because she "... is a 'mazing artist!"

Oh Fianou u have put so much thought into my dilemma and I am sooo appreciative! Yes!, very bland and not cosy!, it’s how I feel when I sit in there!, your words are kind and I have taken on board your suggestions! Haha, kidlets!!, mine was having a sleepover at his nanny’s so NO dirty plates, chip wrappers etc etc!! And ur little one sounds too cute! I will send u a pic I am proud of this play room ....

Oh m g wow!!! Holy moly lego storage!! very cool. i have one kid who would love his lego sorted and organised like that and one that likes it all mixed in a pile. i just have a draw string mat! Have some confidence with your lounge and show a bit more of some photos of all of you would realy warm it up. you have a lovely home an just need some pretty things that make you smile when you look at them. i remember visiting someone once who was an art dealer, they had lots of artwork by famous people on their walls, but also right mixed in and framed just as specially were paintings by their grandkids

i meant to say a bit more of you! can't edit on ipad

What a beautiful room, are you able to swing your sofa that is blocking your fireplace around so the two form and L shape on edge of rug,put lamp between both, put your gorgeous Eames chair where butterfly chair is, can your tv be mounted on wall, unless you absolutely love zebra artwork I would go with a large abstract to compliment your beautiful room.

Hi Julie ! Thanku so much for your thoughts! Tv mounted on wall is my preference! What wall were you thinking? Above fire ? And I do love abstract art ! Ur comments are kind ThankYOU Julie 💙