I've looked at it, briefly. As far as I can tell, they've ended up with a system where they charge 'extra' - but not enough to cover actual anticipated (actuarial) expenses, while remaining too low to significantly restrain demand.
So they end up with a system where they charge 'extra' but still end up with long (five year plus?) waiting lists, and a 'free' list with an extra-long waiting list.
Now this is from a vague memory from some articles, so if wrong, mea culpa.
I see the 'permanent' one for aged parents is ~$50k - of which about $45k for the 'contributory' one that gets you on the quicker list? I'm not clear. My guess is that for it to offset increased costs, it would have to be more like $200k, and be VERY unpopular with the public at that rate.
On the other hand: it may be instructive for Canadians / Canadian applicants to check out the Australian fees. They're quite a bit higher than here. I see a fair amount of complaints about IRCC fees - looks to me like IRCC isn't overcharging, far from it.
https://www.longtonmigration.com.au/blog/parents-visa-australia-cost/