Neoliberalism: Australia’s Failed Economic Experiment
In Australia, we’ve systematically dismantled the foundations of what could have been a thriving, self-sufficient economy. We’ve gutted our manufacturing sector, wiped out our car industry, and handed over control of our economic sovereignty to powerful industries and foreign corporations. This isn’t just bad luck or global market forces — it’s the result of decades of government decisions that prioritize short-term profits and foreign investment over the long-term wellbeing of Australians. We’ve sold out our industries, our jobs, and our future for the illusion of growth, and the consequences are now impossible to ignore.
Take the death of our car industry. Companies like Holden weren’t just businesses; they were integral to our national identity, providing thousands of jobs and supporting entire ecosystems of local industries. Yet, when it was time to defend them, Tony Abbott’s government simply let them collapse. Communities that depended on those jobs were left to fend for themselves, while the “global economy” became the convenient scapegoat. The same story repeats across other sectors of manufacturing, where the jobs that should anchor our economy were shipped offshore in exchange for short-term savings. We didn’t just lose jobs — we lost critical skills and innovation that should form the backbone of a modern, sustainable economy. The fragility of our supply chain was exposed during the pandemic, highlighting just how vulnerable we’ve become.
Instead of fostering competition, we’ve handed over entire sectors to monopolies. Our supermarkets, telecommunications, and banking industries are dominated by no more than four players each. When market concentration reaches these levels, prices rise, services stagnate, and ordinary Australians bear the brunt. These monopolies didn’t have to happen; they were the direct result of government inaction. Merger after merger went unchecked, with each corporate consolidation squeezing out local businesses and reducing the diversity of the market. While this approach may benefit shareholders, it spells disaster for the rest of us.
Then there’s the mining and gambling industries — the true puppet masters of Australian politics. These sectors don’t just have a seat at the table — they own the table. Take Rio Tinto, for example, which destroyed the 46,000-year-old Juukan Gorge and faced nothing more than a slap on the wrist. Meanwhile, the gambling industry pours millions into lobbying both major parties to ensure its predatory practices remain unchallenged. Mining companies extract our resources and ship the profits overseas, leaving environmental devastation behind. Meanwhile, gambling thrives by preying on the most vulnerable Australians, with little regard for its impact. And yet, these industries essentially write the laws, while the rest of us are left to deal with the fallout.
What’s worse, we’re not just failing to protect what we have — we’re refusing to invest in what we could become. Australia has the resources and talent to compete globally, but we act like a quarry with a casino attached. Our leaders ignore the potential of new technologies, scientific research, and the arts — fields that drive innovation and cultural influence. Countries like Germany have maintained thriving manufacturing sectors by investing in technology and worker skills. Scandinavia has become a leader in renewable energy by supporting forward-thinking industries. Meanwhile, Australia pours billions into outdated industries, watching as other countries leave us in their dust.
As a software engineer, I see this complacency reflected in our technological standards. We’re not behind because we lack the talent — we’re behind because we refuse to demand better. The technical rigor and industry knowledge surrounding software systems, tools, and processes in Australia are often shockingly outdated, far removed from global best practices. Multinational companies like Microsoft exert significant influence over government policy, offering “billions” worth of free services that lock the government into long-term contracts. While these initial offers seem generous, they ultimately trap us in a cycle of dependency on proprietary solutions, stifling local innovation and flexibility. This isn’t just frustrating — it’s a failure of leadership. If we committed to raising our standards, we could become leaders in software, AI, and other tech sectors. With the United States turning inward and potentially isolating itself under another Trump administration, the opportunity is there for Australia to step into the breach and take a leading role in the global economy.
And what about the arts? Instead of being treated as a vital cultural asset, they’re seen as a luxury. Creativity isn’t just about self-expression — it’s about storytelling, branding, and shaping our cultural identity. We could be investing in the next generation of Australian filmmakers, game developers, and musicians — people who could share our unique voice with the world. Instead, we’ve endured a decade of neoliberal policies that slashed arts budgets while proudly supporting companies to dig up more coal. This short-sightedness isn’t just embarrassing; it’s costing us opportunities we can’t afford to lose.
So, what’s left? An economy hollowed out by foreign ownership and monopolistic giants. Local profits are shipped offshore, communities are decimated, and Australians are left clinging to insecure, low-paying jobs while the industries of the future are ignored. Our refusal to invest in renewables, science, and the arts means we’re falling behind, not just economically but culturally. We’re losing the ability to define our place in the world, to innovate, and to compete. These are the very areas where developed nations thrive, yet we’ve decided they aren’t worth funding.
This blind faith in outdated industries and the notion that market forces will solve everything has left Australia vulnerable. Instead of charting a course toward a sustainable and dynamic economy, we’ve handed control to foreign investors and select corporations. But it doesn’t have to be this way. We could invest in renewable energy and make Australia a global leader in green tech. We could revive manufacturing, supporting industries that create high-skill, high-wage jobs. We could fund the arts — not just to celebrate our culture, but to export it. And we could block the monopolistic mergers that crush competition and undermine local economies.
Australians must demand better from our leaders at next year’s federal election — investments in our future, protection for our communities, and industries that make us proud. We need jobs that provide dignity, fair income, and legal protections. We have all the ingredients for success: the resources, the talent, and the capacity to lead. What’s lacking is the political will. It’s time to stop selling off our future, piece by piece, and start building an economy that works for everyone.
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