The cost of such reconstruction and the time to do it (using Victorious as a guide) along with the much larger complement required would have been negatives but it certainly makes an interesting 'what if?'
Yeah but there is cause and effect. With the war gift carriers, cruisers and flotilla of destroyers there would be no need to buy Sydney and Melbourne, upgrade Australia and Hobart or the Tribals. So even with higher operating cost and aircraft acquisitions the RAN would have a lot more money from their allotment to spend. Also with the major fleet units sustained with crews from the war into peace time combined with more money for higher pay and service standards the RAN might meet its recruitment goals (bigger bonuses to join, etc).
The RAN was only at around 60-70% of establishment in the 1950s being down around 5,000 on their authorised numbers. The two fleet carriers only require an additional 1,600 pers compared to two Majestic class light fleets. The freed up monies could result in more personnel and a much better post war building and upgrading program (four Battle class, all eight C class destroyers to Type 15?).
When the post Korean War funding cuts come the RAN will fall from a higher position so not land as low. Maybe only one fleet carrier would be upgraded in the 1950s with the other into reserve as a backup or spares source (one doesn’t turn a fleet carrier in a troop transport…). Come 1962 and the return of the cheque book that carrier might be modernised returning to a two fleet carrier force after an 8-10 year gap.
Thinking about the RAN Implacable ‘what if’ some more after WWII they would have to revert to all British air wings. Because the Australian treasury lacked the foreign exchange to buy from the US. The MoS couldn’t even afford a single Grumman Panther to provide CAC with a pattern jet for local build and at the start of the Korean War couldn’t raise enough US dollars to go on the waiting list for 26 Sabres so we had to buy the Gloster Meatbox (which wasn’t as bad as a lot of people make out).
So with only Pounds Sterling to pay with and limited by a 14’ hangar roof the RAN wouldn’t be able to buy the Bearcat or the Sea Fury. Their new fighter would have to be a Seafire Mk 47 or Sea Vampire. Seafangs were rejected for production as not being worth it compared to the Seafire and the Attacker would not be available until 1951-52. The RN never ordered the Sea Vampire as a standard carrier fighter because they only played with Mk 1 Vampires. These aircraft didn’t have fuel tanks in the wings so could only stay aloft for 45 minutes. Later Vampires entering RAF service in 1948 had wing tanks and could stay aloft for two hours. A Sea Vampire version of the FB.5 could have been available in 1949 to provide the RAN with a replacement for their war service fighters. RAN Implacables could have had an air wing with 36 FB Sea Vampires, 18 NF Sea Vampires (twin seat air intercept radar version) and 18 AS Fireflies in time for the Korean War.
After the Korean War the FB and NF Sea Vampires could be replaced with FB and NF Sea Venoms. The Gannet could actually replace the Firefly because when fully folded its ground height was 13’10”. It must have been specified for the Implacable hangar.
After modernisation the Implacables could handle just about any carrier aircraft and the RAN could buy American thanks to a much better financial situation. With two knots in speed on the Victorious they would be better placed to launch and recover the larger fighters of the 1960s. I think the Sea Vixen would probably be treated like the Sea Slug and something the RAN wouldn’t recommend to buy if they were asked. Certainly not with Crusaders, Super Tigers and Phantoms available from the US.