Why does Australia have an overpriced passport?

I've heard that it's around 420 AUD for an 10 year adult passport, like why? (Apparently, it's the third most expensive globally) To put it into perspective: most European nations will price it for either less or within 50-100 EUR making it affordable to travel. It used to be cheaper but for some reason there is a price hike to the point it's a rip off.