A draw isn't a result in my books but it looks likely unless the Aussies collapse in a screaming heap. Not totally out of the question, Oz is still rebuilding towards a decent team.
90 overs left, England 88 runs ahead.
a) England collapse and are all out for another ~90 runs in the first session leaving 60 overs to chase down 180. Aus win.
b) England push on and declare, setting the Aussies a chance of a win.
Timing isn't great for this. Ideally you'd want to give them 3 or 4 overs before the end of the morning session, but that only gives 24 overs to get a solid enough lead. 88 + (24 * 4 ) = 184 runs. Leaving 64 overs = just under 3 an over for the Aussies to get back. Not enough really. Unlikely we could score at more than 4 an over without panic setting in when the first few wickets go down.
So, plod on at 3.5 or 4 an over until midway through the 2nd session and declare leaving a required run rate of at least 5, then stick them back in and go full steam at them.
88 + (45 * 3.5 ) =~ 245.
245 / 43 = 5.7/ov
c) England bat on, and on, and on, playing for the draw and don't bother declaring.
Much as I'd love to see them do (b) and make a game of it, I'm guessing it'll be a cross between (b) and (c) in that we won't declare but we'll be all out with a lead of 300+ but only 10 overs remaining for the Aussies 2nd innings.