I wouldn't say its all bad for the ADF.
Rudd made it very clear numerous times, the old whitepaper was basically a call to arms that went beyond even the most fanciful dreams of armchair generals. 12 subs, 20 OCV's, 7,000 ton ABM capable "frigates" to match our destroyers. Helos have been ordered, the SH were upheld, the F-35's were upheld, the LHD's are going to stick around, C17's. Wikileaks revealed that Rudd has grave fears for the region, despite Rudd being on the outer, he still represents the foreign policy of the labour party (him and his backers).
And now JP2048 4C has been rumored to increased to a few billion dollars. We are most likely getting a LHD or buying QE carrier on the cheap. While nothing is certain, I certainly wouldn't be writting it off completely. It is actually specified that we need two LHD to be operational at the same time, and given recent dramas with operational avalibility of amphib ships it would seem prudent.
Im sure it will come to a suprise to some Sydney siders that there are 3 of the largest non USN amphibs sitting in the harbour built in record time along with Largs.