Technology as a cost centre mentality.
Time and time again, Australian non-tech companies cut technology jobs to cost cut.
Anyone competent looking to build a long term career working in the corporate sector either moves to sales/marketing. Or, these days, moves to Atlassian/Canva.
Over a rolling 20 year period, the process self selects for the least able.
The IQ at the "Head of Engineering" level in Australian non-tech is minuscule. Selection bias.
Most of them don't have CTOs, they have CIOs who report to an accountant in the C-suite.