Iron ore is the foundation of Australia's export strength, accounting for about 39 per cent of all exports. This type of dependency it is what one would not expect to see in a developed country. However we are not alone as crude oil made up 42 percent of all goods exported from Norway in 2020.
It has to do with factor endowment and the liberal approach to the fundamental question of what to produce.
https://www.investopedia.com/ask/answers/041615/how-do-factor-endowments-impact-countrys-comparative-advantage.asp
