A forward-thinking government would be incentivising a diverse economy, subsidised by the windfall from the currently profitable industries.
Instead, the incumbant governments just subsidise the inumbant industries; or rather, the existing "winners". (E.g. subsidising Murdoch media, mining companies, all pulling in millions/billions in profit.)
Australia has one of the lowest rankings in terms of economic complexity [see #1]. Until the government can subsidise emerging markets, there's no reason for businesses to take risks - the low population can't support it.
Propping up existing industries will eventually be a failing strategy. When Australia's "luck" (exploitable resources) runs out, "what comes after will not be so comfortable". But there's still time to steer away from that discomfort. (Unlike the imminent ecology collapse...)
Instead, the incumbant governments just subsidise the inumbant industries; or rather, the existing "winners". (E.g. subsidising Murdoch media, mining companies, all pulling in millions/billions in profit.)
Australia has one of the lowest rankings in terms of economic complexity [see #1]. Until the government can subsidise emerging markets, there's no reason for businesses to take risks - the low population can't support it.
Propping up existing industries will eventually be a failing strategy. When Australia's "luck" (exploitable resources) runs out, "what comes after will not be so comfortable". But there's still time to steer away from that discomfort. (Unlike the imminent ecology collapse...)
[1] https://www.aumanufacturing.com.au/astralias-low-economic-co...