Yes, when marketing we are looking at the ability of people to eat donuts rather than holes which is why we don't bother lamenting about the holes being smaller these days.
There are two differences here:
1. CASA's function is Compliance and Enforcement of aviation; effectively the highway cops of the air. Most complainants never talk about Airservices.
2. Property development, mining, agriculture and manufacturing do their own Compliance and Enforcement. Most have developed their own OHS policies and many have adopted ISO 9000 - 2015
Both of these safeguards are available to aviation.
And yet in a relatively short time I was able to find 14 Australian Airports thriving with a total of 1.5 million movements per year, and that's without the Capital City RPT Airports or the bulk of Country aviation across Australia, and on drilling down to one Airport, Moorabbin found consistent activity volume dating back 62 years. The key takeaway from that data is not high risk of investing, but the need to research demand before selecting a location. You would know that when you've picked an Industry to research for investment opportunities, you then look at the possibilities. I touched on some very basic markers for drilling down, one of them being the obvious Very High Performers, way above the town population metric. Start looking at those instead of the run down airfields with 60 yo fleets, and you get acceptable risks.
I used Van Nuys Airport in Los Angeles as the comparison with Moorabbin. It probably has more Executive jets than Moorabbin, but the annual movements were about the same.
If you want to compare an enterprise in Australia vs Overseas Countries, Critical Mass is important; for example Australia no longer has the critical mass to manufacture cars; USA does.
The start of this calculation is population which will give you an idea of market viability; for example if you want to sell a product into the US market which is successful in chain stores in Australia which might number 20, you have to finance advertising and stock supply for a campaign in 1,000 US stores if you want to catch the Spring market.
The populaation calculation is like this:
Australia: 26 million
USA: Australia x 13
UK: Australia x 2.6
Canada: Australia x 1.5
NZ: 19% of Australia
If there was NO investment in Australia, yes there would be no economic activity, no jobs, but the Airservices data showed steady, viable markets in all our Secondary City Airports (without taking into account the revenue they earn from non-aviation activities) and the Regional/Country Airports they had website data for. Given that some of the most spectacular growth, like Roma weren't on the Airservices list the stories of ruin are fanciful.