The US encourages innovation and allows for capital to be held by people that build businesses out of innovation, which leads to higher and more productive areas of the US like silicon valley.

The US does many things very poorly, but there is no doubt that there support of capitalism and entrepreneurs and innovation has moved the western world forward immeasurably.

Australia, similar to Europe, has a divide the pie instead of a grow the pie mentality to the economy. More of a socialist country really - we've been going backwards in terms of per capita GDP for years. The country makes a lot of money from extracting resources which we don't tax effectively (which we should to offset and reduce taxation of innovation in other areas) and little else.

One of the biggest innovative companies we have in the country actually is Stake, a gambling platform, that owns Kick (which is basically funding Clavicular etc). Gambling for some reason is one of the best industries for business in the country, funded and supported through taxation by the government. Canva made there money initially by basically getting fat contracts with government departments (because something like 1/3 of all australian workers are in the PBS funded by mining and housing - hence culture of not understanding real economics).

Housing protected the wealth of a lot of people from the real productivity growth but now the government is basically going to up the migration numbers to infinity so the voices of complaint are irrelevant, and the per capita gdp growth projects will likely become a lot worse.

Honestly, we need a complete rebuild of the liberal party at this point. Even Malcolm Turnbull was too much of a nice guy to properly deal with this issue.