Changing coordinate systems in ArcGIS Desktop?

I am working on a map in ArcGIS ArcMap v10.2 with coordinate system GDA94 (UTM). I have just added a layer with points in latitude and longitude (WGS84). I specified that the layer was WGS84 and the points appear to be in the correct position on the map.

Do I need to use ArcToolbox (Data Management - Projections and Transformations - Feature - Project) to change this coordinate system for the final map, or is it okay as is?