It's not called "the lucky country" for nothing. But realistically while Australia suffers under the resource curse it is blessed with a large diversity in the resources available for extraction (just look at the pivot from coal to lithium in recent years). I'm pretty sure they aren't going to run out of economical to extract deposits any time in the next century.
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.
For the edification of any not familiar with the phrase:
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).
I think there was always a lot of hyperbole in the statement and it really downplays Australia's strength and culture (not a surprise given the colonial undertones involved). Also I think "the lucky country" often gets causality reversed.
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.
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.