I haven't thought of it exactly like that, but I appreciate (whilst shuddering) your take on things.
I basically see it in a similar way, that its a sinking stepping stone the UK was using to get further ahead, but lost its hold/interest because of US dominance (which the UK kind of gave birth to in a strange way due to its self-important superiority complex).
It still seems to me like they're trying to squeeze all the value out of it onto other continents (or tiny tax havens) and multinational corporations so that nothing of value is left [1]. Whilst doing it with just enough plausible deniability (e.g. the stolen generation) and fake sincerity to try to pass as genuine.
Unfortunately I still live here.
I'm not a beach person, it's not my SOMA. Instead of Brave New World or 1984, I think it'll end up more like V for Vendetta. Unfortunately they seemed to be astute enough to put our Federal parliament house in the middle of a roundabout in an arbitrary out of the way place called Canberra.