I did enjoy the dictator video, and seeing Rankin. I'll bet that crew were looking forward to diving under that weather.
I agree we do desperately need a decent mass produced home grown missile production industry. I would view that we are very vulnerable without one. I would prefer more money into this than fancy ships. None of the GP frigate choices, the Hobarts, Hunters or the LOCSVs would be worth a dollar without a repeated missile loadout capability.
COVID should have taught us that if we don't have our own in country capacity we go to the back of the queue and get the dregs. Big pots of money could not buy us early access to premium vaccines back then, and nor will it buy as scarce missiles in time of war in the future. It's scary that the global production of meat and potatoes missiles like SM2 is only 200 per annum. We think that 500 for the PAC3 is a lot. That's probably the first hour of use in a major conflict. I acknowledge this is peace time consumption, but there appears very little ability to rapidly expand.
So far all we have on the agenda is a GMLRS production line, possibly leading to a future PRSM factory. Not quite the monster missile you are looking for Stingray, but increment 2 is supposed to have land and sea strike capabilities. It might eventually get a range of 1000km. To your point, PRSMs are still expensive at $1.2M apiece (albeit for early production runs), so it becomes hard to get a large warstock (say 10,000 of them) for middle/end war use.
From an RAN perspective, if you look at the current/planned Naval missile portfolio, we use six (ESSM, Nulka, SM2, SM6, NSM and Tomahawk). We don't make any of these, the best we do is some design work and some componentry for ESSM and Nulka. None of them are mass produced and all are expensive as a result.
There is some talk of setting up a production line for NSM, and it might be able to double up with its JSM stable mate, but it will be after GMLRS/PRSM. It would be nice if it eventuates, but I won't hold my breath.
I can't help but notice that all our local production is focused on strike missiles. If however we run out of the defence missiles, particularly ESSM, then we can't put any ships to sea. I don't know what our inventory is, but I suspect it's not more than a couple of refills, say 500 above that at sea (I could be wrong and maybe we have a massive warehouse full of them). If Ukraine has taught us anything, wars aren't won in three days, and instead quickly become one of attrition. I would view that without our own ESSM manufacturing capability, we might find ourselves exhausted within a few weeks, and then our ships are stuck in port.
I would hope that ESSM, and its sister AMRAAM ER (good for NASAMS), is an early inclusion in the government's indigenous missile strategy, and we start making 1000-2000 per year for an eventual inventory of something like 20,000 units by the early 30s. We would be a useful resupplyer for our allies in any conflict with this capability too.
It would be nice to have an SM2/SM6 production line as well, but maybe that is too far for the time being. The air force would probably like something, maybe the AIM120. The army would likely give a lot to have spike made locally. And we probably need some 30mm bullet and 155mm shell factories.
But with GMLRS/PRSM and ESSM/AMRAAM ER lines, we would at least make the basic mass use missiles, and it provides a valuable strike/defence mix. I think also if you can make these then you can probably mix and match to make other things.
As a last point, I wonder if PRSM would fit in a Mk41 launcher. It could be a nice choice to load up on a LOCSV barge and launch a big volley.