So, as I understand it, Jack is pretty much describing how things were in the seventies (except for the GPS bit).
In my experience, the install cost of avioincs in Australia is about twice that of the US. Part of the reason is that not as many guys here have repeat experience with the same equipment / aircraft configurations. But big part of the reason is that CASA just make it more expensive with a raft of red tape that doesn't exist elsewhere. There is also a shortage of Avioins LAME's so the sector is not very competitive. All issues in the domain of CASA if they had any real interest in promoting safety.
BTW, I think 3 more NDB's were decommissioned this week and YWE is still not working. ASA is simply not doing its job in providing a properly maintained air navigation infrastructure.
Agree with Leadsled. There is an issue of maintenance integrity with some aircraft, but no airframe age issue per se. The vast majority of our private fleet has only done a fraction of its design hours.