The light frigate is interesting but I have a feeling the French are a step ahead in this department as they are already moving ahead with the La Fayette replacement which it's self has seen decent export success (ignoring the scandal with Taiwan).
The F-538 despite the lesson's learned from there other builds is still effictively a new virgin design while the Belh@rra is an evolution of a proven design while the Meko 200 is even further ahead with how successful it's export's have been (33 ships operation/under consutruction with 7 navies).
Add in the Russians and Chinese and I don't see Navantia having great success with it, The market for such ships has been filled for quite some time already.
There is always an offset ...... The F-538 has a range of 4000nm, the ANZAC ..... 6000nm. This is no small issue.
When comparing designs we cannot simply look at weapons. The range, sensor and combat system fit are also critical issues and these take up space an weight ..... more so with modern systems.
We have gone for a bigger frigate on the ANZAC replacement for growth margin. The F-538 will not provide you that and it will not be cheap given the weapon and sensor fit.
We have to work within our budget and I cannot see another class of light multi rule frigates such as the F-538 fitting within the RAN cost and operational structure.
For escorts we could look at evolving the OPV hull with roles specific sensors and a basic self defence fit (on the assumption such 'escorts' would be part of a group). ASW springs to mind as a logical option in this regard noting some of the designs being considered have very long legs, relatively small and (according to the blurb) reasonable acoustics that would allow a tail and/or autonomous surface craft to be employed (noting there is a containerised - 2 per box - autonomous vessel system in development which can be used for military application to extend coverage using its own tail).
That option could be used without massive damage to the budget.
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