Some context is required: Union Pacific's heritage steam program has been running continuously since 1960 when they preserved UP844 (the other locomotive on that train running through Laramie, WY). They have at least a dozen full-time dedicated steam workshop employees at Cheyenne, WY. Union Pacific is the largest railroad in North America and has a US$126.845 billion market cap, so they can easily afford to shave a few pennies off to pay for such a large-scale heritage program. The steam program pulls its weight as well, if you look at the prices that they charge for tickets on their steam-hauled excursion trains.
The closest thing to that sort of program in Australia scale-wise is perhaps Puffing Billy's and even it pales in comparison.
I do not think PB's efforts pale compared to UP's, they are just on a different scale so not as many staff are required, some thing PB is doing............
Converting 14A to burn deisel, this is to allow no sparks so the service between Emerald and Gembrook can be improved International people have asked for this.
Building MORE new carriages from scratch.
Almost completed NGG 16, with another waiting in the wings.
Discusing building NEW modernised NA's from scratch ( they have all the drawings AND the casting paterns)
Modified both the boilers and wheel bearings of all NA's to give a much longer life
As well as all that keep enough NA's in traffic to run a service ALL year except christmas day.