At least part of the problem is AUS is that we really don't have VCs. We have companies masquerading as VCs, but they're more like mezzanine financiers than VCs. They want an established market, established customers, protected IP, massive sweat and real-equity from founders, and they want a controlling interest for their investment. They generally have no capacity for risk whatsoever, and unless you're digging stuff…
There are only a few that have managed to get funds off the ground. The core problem is that VCs have trouble getting a second fund off the ground because they can't show a good return on the first.