The problem for RAN as far as a Carrier replacement went was at that the same time as the Carrier needed replacing RAN also needed a new fleet of ASW helicopters (S-70B9’s) an additional 2 FFG Frigates and a new submarine fleet and a replacement for the River class Destroyer Escorts.

RAN ended up getting – 16x S-70B9 Seahawks, 8x ANZAC Class FFH’s, 6x Adelaide Class FFG’s and 6x Collins Class submarines. In addition RAAF got extra P-3C Orions in the 1975-1980 era, that probably wouldn’t have occurred if RAN got her carrier.

On top of this the F-111, Oberon class subs, FFG’s, P-3C Orions and F/A-18 all had the Harpoon anti-ship missile integrated and brought into ADF service a significantly increased maritime strike capability.

It is likely that virtually all of that (bar the initial 4x FFG’s) would have had to be sacrificed in order to acquire the carrier and a new airwing as there was precious little money for defence in those (and these unfortunately) days…

Personally I think the ADF actually profitted by not getting a carrier.