As an Australian, my conclusion is that Australia has failed to diversify its economy. Money comes in through mining, agriculture, property sales and to a lesser extent tertiary education. The rest is a services economy, and I think the joke about Australia being a country where we all serve each other lattes captures the idea in as few words possible.
I've just left the US, and instead of going home I went to Europe to start my company. Denmark is amazingly progressive with how it spends its public purse setting up an environment for innovation. Australia on the other hand seems to have abandoned any idea of establishing a sovereign wealth fund (mining tax) and instead blown millions courting US dollars which hasn't succeeded in turning Australia into a foreign branch of SV.
For a longer read, this is obviously one person's analysis, but I fail to find a flaw in his conclusions. https://www.linkedin.com/pulse/australias-economy-house-card...