Are you saying there were no Aussie troops in the MEAO in 2003?
It is not well known just what the Aussie Hornets did in the MEAO in their time there. One day when you find out I think you will be a little embarrassed by your regard for the fighter force contribution. The deployment to Diego was good fodder for a couple of years but they earned their keep in 02/03.
You might also want to consider what may have been prepared to put into play in East Timor if things had gone bad there too. Just because there was no fighters in East Timor doesn't mean they were not primed and ready to strike if required.
In regards to the F35 every fighter development program has had its issues. In fact I think we are probably looking at the last of the manned fighters. Having said that if you don't have the F35 then you are not in the game. The next 20-30 years of air warfare will revolve around 'network centric' concepts and the F22 and F35 are the main players. If you want to have a 2nd tier airforce again then buy something from Europe.
In terms of national defence for what ever may come it is better to be over insured rather than watching enemy bombers pound your country and sending young men in Wirraways to die because you didn't think it was necessary to invest in defence.