I'm with you their. I would slash the public sector like Jeff did in Victoria (how dare the voters kick him out).
Australia has some of the smartest people around. Just need some R&D encouragement in the form of $$. The goverment should offer huge incentives to commercialise ideas and not just sell them off to the USA for peanuts.
I would also give a massive pay rise to two professions. Police and Teachers (all levels). We need an effective police system that are not subject to bribes and that are willing to crack down on Political fraud (which is deeply embedded in Australia). A pay rise to teachers will attract smarter and more motivated students there by further creating a bright future for Australia.
Future success for Australia depends on one thing. Education and innovation. They're the two areas getting the most cut backs.
I could go on and on but this will continue long into the future till we go bankrupt or get invaded by some neighbouring country (either direct or via breeding/immigration).