simple really! ... old defender just wasn't popular. To spend time and money on redeveloping it to current standards would have been economic suicide for a company as small as JLR, even tho it has the financial might of a large Indian company behind it.
New one was designed to be a a higher volume selling vehicle specifically targeted at a contemporary customer type.
Quick look at sales figures shows that JLR has succeeded with that plan.
Had they 'updated' the old Defer .. would have cost a small fortune, and sales numbers would still have been 1/5th of what the current model is seeing.
ps. don't look at Aussie car sales volumes. We are weird here in what we buy .. totally different market space compared to rest of the world.
In the US for example, the cruiser doesn't sell very well(there was talk that it may be discontinued there). Current defender outsells it by about 3-4 times over.
Over there, Toyota sells the Sequoia model.
Larger again than the Cruiser(think of Suburban sized vehicle .. and note that the Yanks seem to prefer bigger over better!) .. Sequoia is cheaper than Cruiser and outsells it by about 10x(with the caveat that the Sequoia is now a very dated design, and has declined in sales over the past 10 years to 1/5th of what it used to sell, but cruiser has seen some updates).
In Europe, they lump the two passenger cruisers(Prado and 100/200 series V8's together) and new Defender outsells them both.
By comparison to Aus, Toyota would be considered to be 'wildly unpopular' over there. We see it only from our point of view, not the other parts of the world.
It does seem strange that Toyota put in any effort to sell so few vehicles, because the only two markets where the cruiser seems to sell is Aus and Africa, with respect to the popularity of the vehicle.
So the 300 series was really maintained for Aus and Africa, using a basic vehicle design. No doubt that it costs more to actually manufacture this type of separate body chassis style.
The small volume of sales(worldwide) and cost of R&D into the 300 series would be why the sales price had risen so much too.

