I was a team lead prior and dealt with a lot of vendors where I was approving their time sheets so I saw how much they were being paid. Told myself.. WTF, why aren't I doing this?? Paid twice as much, way less accountability (parameters of work are all defined per project or per SoW) and I don't have to be stress out about the politics within the company. Also.. as a contractor, my schedule consist of half the time on customer's premises and the other half dealing with internal dev teams which gave me loads of flexibility of WFH.
This is the unfortunate reality for IT positions in any industry in Australia - Full time positions have not many upsides and contracting is the best way you can capture as much $$$ as you can. There are some downsides but upsides outweigh it by a mile!