About the only hope we have is that as oil gets dearer, sea freight
will push import costs above local costs.
It will take some years, but it will happen.

It has already started with furniture and steel products between the
US and China.
It appears to have happened here already with furniture.

As growth dies and we go into contraction other pressures may change
internationally that will remove imports.

Another problem is that many decisions that greatly effect our economy are made in boardrooms located in other countries.
American boards couldn't care less about Australia's ability to support itself.
They care about profits, profits, and... Oh, that's right, profits.
Anthony
http://www.observationpoint.com.a