Tend to dsagree as the RAN's fortunes were in decline in the 70s and 80's. The DDL programme was batched leading to the FFG's, Melbourne went and much of the fleet (6 River class frigates) had limited war fighting ability (the thought of having an Exocet fired at a river class frigate was not pleasant), however, what the RAN was called on to do was at a much lower tempo than has been the case until the last couple of decades.So in other words, numbers haven't dropped at all, although serviceability may have taken a bit of a hit.
I dare say if you went back 20 years no one would be complaining about taking ships out of service for a few years to upgrade them with state of the art radar systems or upgraded weapons. It was hardly all rosy back then.
If you look around at how other Western nations have shrunk since the end of the cold war, the RAN has done pretty well. It is hardly all doom and gloom.
When the first Fiji crisis hit and PM Hawke had the 'fleet' weariing a rut in the ocean off Fiji the short comings became very apparent........ then we got the LHA's (and the rust and rebuild cost).
From this point on with the Gulf, the boats, Timor, piracy and humaniarian relief the work load has been dramtically increased with no increase in the number of hulls in real terms.
I am a real fan of the corvette light frigate concept combined with a robust OPV as these certainly provide an ability to deal with the lower level (from a conflict perspective) obligations without shagging the MFU's.