We could start by at least processing our own steel (we still process some, but not nearly as much as we used to). Newcastle Steelworks, just north of Sydney, was back in the day one of the biggest in the world, but it closed down in the 90s. Nowadays, we ship iron ore (our number 1 export) to China, and literally ship that same material back to Australia as steel. Insane!
All those minerals. All that sunshine. Terrific combo.
h/t Saul Griffith.