Meanwhile, in the future: https://www.smh.com.au/national/redcycle-declared-insolvent-but-plastic-stockpiles-under-control-of-supermarket-giants-20230227-p5cns1.html
I'll bet you an empty can of coke that it all ends up in landfill overseas.
We need to stop using plastics, and there are perfectly fine alternatives. This is a government regulation issue - not a personal responsibility.
That said, I will recycle to my best ability if only so that I can look at my kids in the eye and ask them to care as much.