''We need to be competitive against the likes of China, India or whoever.''
straight up - you can forget ideas like that - there is no way that one can compete with the likes of China or India in most things
What one can do is to 'think'
look at what advantages or differences one has that the others do not - if there are any
what is it that makes Australia different?
things like
sparse
large with vast areas of nothing
resources
huge coastline - reasonably clean water and air
a population that thinks quite differently
Australia is an individualistic society - both China and India are collective societies
whatever we try to conceptualise - it's best to forget trying to be in the same races as China and India - because we are just not going to win
pick a different race
