There are a few questions which keep popping up in my mind whenever someone starts to bring up the ideas of up-gunning the OPV's, or building some sort of corvette or light/patrol frigate class based off the OPV's.
One of the questions of course involves costs. How much is this supposed to cost, where is the money coming from, who is paying for it, and what is being underfunded or left unfunded, etc?
The next question is, who is supposed to be crewing these OPV-turned corvettes? If such vessels are suppose to have a more useful wartime role, then not only will the vessel require more than a 40 mm gun, but the vessel will also require additional crew who can both operate and support the additional systems. Take sonar for instance. If the MFU's and some sort of ASW focused OPV or FS were to both be in service in numbers, then the RAN might need to double the number of personnel trained to effectively operate and maintain the sonar systems. While I am confident that the RAN could successfully increase the number of personnel if needed, it would be a task which requires time, and further funding which would just increase the costs of the capability further.
Next up would be the question of where would or could such vessels be built? AFAIK Australia does not have sufficient naval shipbuilding capabilities to fulfill both the current OPV and frigate orders, have capacity to also meet the sub order which is supposed to be coming, and also fit in ordering an additional class of vessels. The closest option might be for the OPV build to get shelved in favour of a corvette build, but that is still something that would take years to carry out and would leave the patrol forces short of suitable vessels. That would be acceptable in wartime, but not so much in peace, which we still have.
Lastly, we come to just what would be needed to both be effective, be able to be included into a vessel of the appropriate size, and the desire work to achieve that. The more combat systems, sensors and weapons included in a vessel, then either the shorter the vessel's range and endurance, speed, or the need to increase the size of the vessel to be able to fit the desired systems. So some thought would be needed regarding not just want was needed and wanted, but also what vessel designs could fit the desired systems. If the RAN desired, I am certain that a slightly modified, ASW-focused version of the MEKO 200 could be designed and built for RAN service, but by then one it back to talking more about expanding the surface major warships fleet. Minor warships, at least those which would be more than just extra targets, run into some hard limitations given the operation ranges and potential threats RAN vessels could encounter in a wartime situation.