You are far too kind. Not decades, it goes back to the start of British rule.

Economically, our elites have always preferred the "Rum Corps" economic model - use privileged access to government permits to import finished goods and export raw materials. Markup and on sell, no need for capital investment or talent. Live off the margins.

This was rudely interupted by WW1, which cut off supplies of finished goods and drove rapid economic complexification. That was regulated-monopolied out of existence after the war and back to business as usual for the Depression, leaving us to be caught with our pants down again for WW2.

Frightened govt permitted rapid economic complexification again - https://download.library.lol/main/481000/cd14dce28bcc99c759c79ae127b802c8/David%20P%20Mellor%20-%20The%20role%20of%20science%20and%20industry%20%28Australia%20in%20the%20war%20of%201939-1945%29%20%281958%29.pdf

This took longer to dismantle afterwards, but financialising, monopolising, subsidising and regulating also profited a faction of local elites and eventually led to industries so inefficient the public was willing to see them sold off and shut down.

Our current relationship with China neatly mirrors our relationship with Germany before WW1 and then again before WW2.

Our elites are able to learn, but they don't care. Like Sir Robert Menzies in WW2, they intend to be first ones out the door when the bill comes due.