If you look at Australian IT companies they're management and consultant heavy. Roles like architects, review boards, program managers etc., exceed actual engineering roles. In such a set up it takes forever to get any real work done.

Then Australian real wages have also declined. So there is already low motivation to work beyond the minimum expectation.

Australia also has strong social security, at least until now, and there are plenty of odd jobs due to the real estate and tourism industries, so there is little pressure to survive unless you owe too much credit.

Automation and technology adoption also lags behind. For example, people still wait thirty minutes on a call to get an appointment with a doctor instead of making an online booking.

For all of these reasons productivity has been low and declining. An extra day off work is a strong stimulus for squeezing what gets done into the rest of the days.

In my opinion this is an extreme, just as the work yourself to death culture in India and China is. On a scale of a few decades economies where people worked agressively harder have grown tremendously but at the expense of the long-term wellbeing of the people. Places like Australia that were well off and felt little pressure to compete have sustained good quality of life but at the expense of having no competetitve edge anymore.