Socialism is different to Social delivery of select services which we have eg" (A) -education -health -welfare -defence -armed forces & policing -border security -Government Regulatory Authorities including the RBA -essential infrastructure. (These were gradually introduced since the early Industrial Revolution to save Capitalism from Revolution as happened in Russia & China)
(B) On the other hand we have: -private property -capitalist ownership of businesses including a Stock Market & our Banking System -capitalist ownership of farms -capitalist ownership of mining resources etc. (all hallmarks of a Capitalist System but unfortunately mostly majority foreign owned)*
This by definition is neither a true Capitalist System nor a True Socialist one but simply a Hybrid which is the Norm in the OECD.
Some call it a post-industrial welfare state
In a proper Socialist State all of (B) would be Socialised.
This is why China defines itself as "Socialist with Chinese Characteristics (being mostly the private enterprises & private property ownership)
*I guess the big question is: At what stage will the Average Aussie jack up about the creeping foreign ownership of our privately owned assets? Today our Afterpay is being bough out by a US Fintech outfit and over 60% of our big 4 banks are already foreign owned.
Aussie households have on average $550K debt which is predominantly foreign owned. If that became 100% home equity post a recession 7 the bursting of the housing bubble, would that be an issue? Would it be a good look for our predominantly foreign owned banks to be evicting Aussie home owners to protect their foreign share owners ? Foreclosures in the USA during the GFC was different because it was US owned financiers vs US citizens.
PS: Before Covid Government spend was about 26% of GDP and now its 36% due to Jobkeeper/Jobseeker & goosing big businesses etc.
