The navy has always had a high/low mix. Regardless of the Dibb recommendations I saw the Anzacs as basically a straight up replacement for the River class DE. The ANZACs were basically forced to cover the role of a more frontline warship but the requirement for a second tier warship never really went away.
If the rumours of a corvette are true they would simply be returning the navy to the status quo.
They were not a replacement for the capability the River Class were acquired for. The Rivers were acquired as high end ASW platforms but we're retained well past her use by date, and after they had been de-spected (through obsolescence) to little more than glorified patrol vessels.
The RAN had originally been looking for a high end ASW platform, think Type 23, Type 123, M Class at a stretch, or even the option of additional OHP class FFGs (at one time as many as ten FFGs were proposed).
Paul Dibb actually stated the ANZACs were ,as acquired, too large and too capable, meaning cuts would likely be made elsewhere. I don't think even he realised just how bad things would get when the political classes and bureaucrats decided the ANZACs were the new gold standard of what an Australian warship should be.
The myths that the rivers were low end warships, and that the ANZACs were acquired as a like for like replacement is bad enough, the fact that the ANZACs are now seen as our high end capability is even worse.
The ANZACs were acquired as Patrol Frigates, when or strategic situation dictated that ASW was no longer as important, and that they were part of a fleet that included as many, or more high end, multi-role FFGs and DDGs. They were also to be supported by smaller combatants with similar combat power but shorted range, lower endurance.
What we ended up with was upgraded ANZACs plus three Hobarts. What it was meant to be, when the ANZACs were conceived, was a minimum of nine high end guided missile destroyers and frigates (though not necessarily AEGIS), the ANZACs and a dozen corvettes with Mk41 Sea Sparrow (upgradable to ESSM), Harpoon and SuperSeaSprite/SuperLynx with Penguin and ASW torpedoes.
This was all in a strategically much more benign environment.
We instead spent our money LHDs, multiple generations of patrol boats, multiple botched upgrades and failed procurements, while shrinking the number of trained, competent personnel.