My experience precisely mirrors that described in various posts here: https://ludic.mataroa.blog/blog/get-me-out-of-data-hell/

I live in Melbourne like the author and I certainly don't speak for the entire industry. But here's it's mostly government and banks and other enterprise where data is just a cost-centre so middle-management could say they were big on data science, which has since transformed into being big on AI.

There's no end-use for most of the work, there's no stakeholders, often the product being delivered will be a 'platform' of some sort and everyone outside the data area is afraid of sounding stupid by asking what that means (it doesn't mean anything). The result is entire services can go down for months at a time and no-one notices (and then when someone does realise management covers up the fact no-one noticed because it's embarrassing).