The biggest problem is the very small market. Tech needs a big market to support it due to the sheer expense of it. Aus + NZ is only 25 million people - the nearest masses of humanity are a full workday's flight away. Compare to the US, Europe, or south / east Asia itself.
Small markets can be good while you are starting out as it allows you to make sure you are able to achieve high penetrance at relatively low cost. In a large market you don’t really know how broad an appeal your product has until quite late in the process.
