Of course, this reflects more than the resource endowment, as we could name many countries with ample natural resources which have not absorbed capital flows productively. There has also been something else going on, since at least the 19th century, that has made capital in Australia productive, whereas that same capital deployed elsewhere would have produced boom-bust cycles and default.
Part of this is a story about the quality of institutions as well as the human capital available and empowered to run them. 14 Another theme is the development of local capital and financial markets, and their capacity to turn capital to productive purposes.