Well my friend... What you are talking about is not working either. Look at Europe. Look at the US. ( I am sure Oz is just ducky. LOL ) We are BROKE. SOMETHING has to give or we are ALL screwed.
Hey, I don't like the system either. But I'll always support it. Because in this day and age, it's the only system that CAN work.
Forget pure capitalism, that don't work no more. Forget pure socialism, cos that don't work either. So what the remedy is, is a mixture of those two doctrines.
The system you advocate, doesn't work. It would never work. Especially in this day and age.