Besides being available for pictures in the RAAF news, and providing some training for P3s, why does Australia have a fighter force? They haven't the range to get to any bad guys, and the bad guys don't have the range to get to anything important (if I remember correctly there is a big sea gap around Oz!).
Surely a nice cruise missle (Sub launched of course!) to go out and touch people, and a nice kick arse gunship helo would be a better investment.
Best the RAAF keeps to what it does well, Airline training