The only practical benefit of going to war with a major trading partner is you don’t need to use explosives to stop merchant shipping and create economic harm (for both sides). Just cancel some contracts and declare some exclusion zones. If the PLAN is sending subs and/or surface mine layers to interrupt coastal shipping and stop communication between Melbourne and Devonport in such a perilous location (in ASW terms) as the Bass Strait they will have taken their eyes off the ball (Taiwan). Yes it would have the inconvenient effect of drawing RAN surface combatants away that you point to, but at what cost? Is that threat so pressing that it establishes it as a critical capability (matched against the other critical missing capabilities)?I think it's critical that the RAN has an MCM capability that doesn't occupy a major surface combatant to utilise. If the PLAN were to offensively mine Australian territorial waters like the Bass Strait for example, as the Germans did both in 1914 and in 1940, it would be especially inconvenient to have to redirect even one or two frigates to the area in order to clear them.
The problem is In the locations further north where the PLAN would (in my view) be laying mines the threats posed by submarines, MPAs and shore based missiles overmatch minor warfare vessels (it is a version of the same problems that saw the USN seek to replace LCS with frigates, and actually the same problem that PLAN minelayers would have in trying to survive after laying mines in southern Australia).