Named and outlined better, our "mining tax" could have been this. It could have protected against capital flight and essentially built national strength for all at the expense of those (especially foreign interests) looking to dig up serious swathes of our ground.
Instead, we had a predictable response from the mining magnates and Coalition, an easily duped and panicked public, and a flailing government at the time who named the concept terribly and defended it poorly. And when challenged on the whole "it's barely made any money" front, caved instead of noting that it'd been potentially hampered for political reasons.
What's an easier sell to the public? "Mining tax" or "Future Fund; funded by giant, mostly foreign mining companies."
Look at the Coalition's "$20b" medical research fund. So many people think that's a current $20b fund, rather than a far smaller fund to be built up to $20b over a number of years, and then to fund research only from the earnings of the fund and not from the fund's base value. Labor should have framed the MRRT much more like this and it would've made for a better sell. Avoid the word tax, outline the goal with a specific value range and target date, and name the beneficiaries of the earnings - technology research, medical research, etc.
I can't see how this wasn't a big missed opportunity for Australia.