“It takes a lot to turn that around, and it also takes a view that is beyond ‘this will be something the market sorts out’,” he said in an interview in Canberra on Wednesday. “We had that opinion that the market would sort things out, and then we ended up being dependent on concentrated supply chains.”

Australia slipped to 93rd in the 133-country Harvard Economic Complexity Index released last week, just ahead of Pakistan and behind Uganda, as well as every other Group of 20 nation. Husic said he found it “hugely frustrating” that Australia consistently ranked so poorly.

Read the article.