Vladimir Putin may ultimately succeed in his invasion of Ukraine by the sheer weight of Russia’s military. But the incompetence of his armed forces has been exposed for the world to see. The lesson for Australia is that a highly functioning military requires a highly functioning state and highly functioning markets.

We’ve all seen the images of Russian military transports shod with cheap Chinese knock-off tyres bogged in the mud; of $50 million Russian fighter jets blown out of the sky by a single soldier wielding a Stinger missile; or of Russian troops given rations seven years out of date and forced to loot convenience stores to stay fed.