One is in a geographic coordinate system and the other is a projected one.
Your second one seems to be an event theme, you should convert it a featureclass in a file geodatabase.
I would check that both then have a properly defined coordinate system at that point. If they do, they should project on the fly in a map. If they don't, then one of them was defined incorrectly.
I would also check the point layer's x, y values to see if they make sense
I believe the XY coordinates from Excel is in "WGS_1984_UTM_Zone_56S". Kindly use this coordinate system while creating the Event Layer from the Excel.
Once the data lies properly, you may reproject the coordinate system to a desired one using Project tool.
If prompted for transformation (while adding the second layer to Map), you could use the following transformation method.
Glad it worked. Don't forget to mark "Accept as Solution" for the reply that addressed your problem.
I took the coordinate values from the extent of your layer (from XY Table), and I created a CSV file with 4 values.
First I defined GDA_1994_Albers as the coordinate system (Make XY Event Layer). That didn't go as per the expected resultant.
Then I thought of using some commonly known Projected Coordinate Systems like UTM_WGS_1984 and Web Mercator (Auxiliary Sphere).
As per the extent of your shapefile, 56S is the correct UTM Zone for the area. When I defined the same coordinate system, while creating the XY Event Layer. The event layer was overlaying on top of the shapefile's extent.