There are two obvious ways to speed up your code.
1. Avoid the selection object to reduce the need for screen scrolling
2. Search each phrase (URL) instead of each word since google.com.au is three separate words and it really should be done as a single find/replace
Code:
Sub NewWordReplacement2()
Dim sCheckDoc As String
Dim docRef As Document, docCurrent As Document
Dim i As Integer, arrFind() As String, sFind As String
sCheckDoc = "C:\Folder\Textfile.txt"
Set docCurrent = ActiveDocument
Set docRef = Documents.Open(sCheckDoc)
arrFind = Split(docRef.Range.Text, vbCrLf)
docRef.Close
Options.DefaultHighlightColorIndex = wdRed
With docCurrent.Range.Find
.ClearFormatting
.Replacement.ClearFormatting
.Replacement.Font.Bold = True
.Replacement.Highlight = True
.Forward = True
.Wrap = wdFindContinue
.Format = True
.MatchWholeWord = False
.MatchCase = True
.MatchWildcards = False
For i = LBound(arrFind) To UBound(arrFind)
sFind = Trim(arrFind(i))
If Len(sFind) > 1 Then
.Text = sFind
.Execute Replace:=wdReplaceAll
End If
Next i
End With
End Sub
If this code improvement is still too slow, you could also pause the screen refresh while it runs.