The Future of Australia's Defence Force

The Australian Defence Force is currently undergoing some major changes in both thinking and spending. With recent crises flaring up all over the Indonesian archipelego and aging equipment requiring replacin to the tune of $80bn during the next 10-20 years, Australians are being given a say in their future stance of their nation’s defence force, either as a peace-keeping orientated “defence” force (ie large army, air force consisting of transport aircraft and nothing much else) or a true DEFENCE force, with the capability to defend an attack from any nation (save the USA, but then which country has any hope of defending itself from a full scale invasion by the USA during the next 20 years or so). India and China are in the process of acquiring equipment that will, for the first time, place mainland Australia within the attack envelope, and the Aussie military is finally reacting.
Coming within the next few years (hopefully) are 6 to 7 737-700AEW aircraft, Hawk Mk127 trainers, and attack helicopters, prolly the AH-64D or AH-1Z. However, recent reports have indicated that Australia wants more, including F-22A and a possible F-22X Strike Raptor variant to replace the aging but kickass F-111s and even up to 4 20000 – 30000 ton carriers launching 20 – 30 F/A-18E or similar aircraft each.
To all you miliarty experts out there, which direction do you think Australia should head in, and can a nation as small as Australia (only 19 million ppl at last count) afford this, or more (cruise missiles for the Collins Class subs, more collins class subs, AEGIS destroyers, true strategic tanker aircraft…)?