Their observations suggest the latter - a lot of very smart people, but also some serious conflicts of interest when it comes to funding allocation.
Apparently this was always an issue, but accelerated in the mid-2010s after their funding was cut by the Abbott government (this is not intended as a partisan statement; for what it's worth the person who told me this was quite politically apathetic).
> Australia is a lucky country run mainly by second rate people who share its luck. It lives on other people's ideas, and, although its ordinary people are adaptable, most of its leaders (in all fields) so lack curiosity about the events that surround them that they are often taken by surprise
The 2nd item is "Voted against a binding code of conduct designed to ensure politicians act with integrity" - that isn't corruption. The list author just doesn't like their decision. Honestly, none of the top 6 dot points really look concerning and it is arguable if they represent corruption. Some are probably politically motivated ... but most things politicians do are politically motivated.