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In all these junior formula series around the world and the growth there of, was funded by rich dads having made their fortune in property development or finance to let little johnny play racing driver. That is mostly gone now with the crash of the global economy. Most 20 years olds don't have "budgets" of the scale required for F3 lying around.
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Exactly. And it's even more prevailant in the UK this year as Volkswagen are putting heavy subsidies into 'their' teams, like Carlin, to ensure that they can get drivers.
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What is happening is shrinkage in all these formula and the only formula that will survive or do well are ones that have value and/or rewards to justify the outlay. Drivers on the F3 ladder in Europe are in the pursuit of F1 or an international career. Going to Australia really doesn't make much sense unless a career in Australia is desired.
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The sad thing is that Australian Formula 3 has more respect internationally (Simply because it is 'F3') than it does in Austrlaia because so far the governing body refuses to get behind it. Going to Australia does make sense for some of these Euros simply because a) they can win an internationally recognised F3 series, and b), they can spend GBP 100 - 130,000 poiunds instead of half a million pounds for a championship British drive.
But of course with the British economy more in the toilet than our own, it probably hasn't worked as intended!