The Minerals Council, LNP and News Corp won't allow it. The ALP will face a coup if they attempt it (the mining industry removed Kevin Rudd over the superprofit tax)

We have a very lopsided resource based economy where a small number of people have an outsized influence and their power isn't balanced by competing interests or a diverse media. The mineral rights are all privately owned and those owners aggressively pursue their interests above the interests of Australia and Australians. In Norway the state owns many of the most profitable oil fields. Saudi Aramco is also state owned. In Australia the oligarchs own us.