G'day Norm,
A great deal of Oz manufacturing went down the tube by the end of the 70's, after those tariff cuts.
There were 'corporate raiders' in plenty around at that time too, lying in wait for asset-rich public companies' share prices to drop to the point where a company's 'market capitalisation' [i.e. the total value of all of their issued shares] was well below the value of the assets. Then they'd buy up a controlling interest, shut down the company's operations, and 'asset-strip' the carcass. The demise of Mobilco Ltd, as part of the breakup of the diversified Pizzey Ltd Group, is the example most familiar to me.
It's difficult for those who weren't there at the time, to appreciate just how self-sufficient we were, even in a lot of 'niche market' items, up to then.
Of course there was quite a lot of 'import CKD [essentially parts kits], paint and assemble' done here before 1973, too. Those operations pretty much ceased, as soon as the equivalent complete machines could be landed here.
The AUD currency exchange rate against the USD and JPY was high at that time, which was an added factor in encouraging imports in the OPE sector.
Anyway, to 'get back to our muttons'

, Victa was quite happy to sell nearly all two-stroke engines on their rotary push mowers, back then. IIRC their sole 4-stroke offering through much of the 70's was the Briggs-engined Impala 4 model.