The main problem as i see it is that we have been involved in major expeditionary conflict now for over 10 years, with a 4 year period of having 2 ops on the go at the same time!
Where did the funding for that come from? Did the Treasury say "Hey guys, you're at war - here's a pot to help you out"? or was it more like "Ooooh, that sounds like dirty military work to me...best you pay for it!"?
Our hand on how and where to spend the Defence budget has been forced for that whole period, therefore reducing funds available for any other capabilities than those required today and playing catchup on UORs.
We're not necessarily punching above our weight, but our leaders may have forgotten 10 years on what we have undertaken, and still undertake!