But you need to think about how the aussie economy is becoming dependent on these minerals, how much longer until some kind of revolution makes the world less dependent on lithium, and then your mines just lose a good chunk of value.
That's the problem with not having a higher economic complexity, you stop being able to pivot should the world scenario change.
There's at least some depth to the simplicity, they've survived more than one pivot already by being very effective resource extractors and comparatively very rich in resources.
As an Australian born engineer who works on cloud computing / ML infrastructure, I had to emigrate abroad to work in my field. Some days I ask if I should have skipped university and instead became an industrial electrician in the mines or something (would have made A LOT more money).
Very unusual economic environment that's for sure.
The Lucky Country (1964) Donald Horne
Horne's intent in writing the book was to portray Australia's climb to power and wealth based almost entirely on luck rather than the strength of its political or economic system, which Horne believed was "second rate".
In addition to political and economic weaknesses, he also lamented on the lack of innovation and ambition, as well as a philistinism in the absence of art, among the Australian population, viewed by Horne as being complacent and indifferent to intellectual matters.
He also commented on matters relating to Australian puritanism, as well as conservatism, particularly in relation to censorship and politics.
To be fair a lot of Australians were saying smilar things in the 1960s and note was taken.
That was the era of exodus to England and Aussies (Germaine Greer, Barry Humphries, Robert Hughes, Clive James, et al) making fun of their own country.
Australia is likely much better today for all that harsh self reflection (hopefully).
But I don't think its a hot take to suggest that readily available resource income has hampered the development of economic complexity over the years. It has also led to a significant amount of apathy in the population. Easy money corrupts.
I'm kind of a bullish on Australia's potential for tech innovation as I believe there is a tremendous amount of underutilized talent that's just itching for an opportunity to apply themselves.