Part of the problem is people best remember what affected them personally and the talking heads of the time, but the global situation fades from memory faster.
The mid 90s was at the tail end of a global recession, the end of the cold war, new world order, post Desert Storm showing the Wests undeniable supremacy.
In Australia the ready reserves had been established, there was lots of money and bullets for them and the existing ARA and reserve units supporting them. Army was reorganising into seven task forces, from memory, five motorised/mechanised, one airmobile, one SF.
RAAF was kicking off tankers and AEW, upgrades to F-111 and F/A-18, new guided weapons etc.
Navy was the big winner, ANZACs and Collins programs underway, planning for replacement of the Fremantle Class PBs with corvettes, and for all nine FFGs and DDGs started.
The government changed in 96 and everything was turned on its head. Things actually got worse, more cuts, wholesale cancellations, hitting of support, engineering and procurement functions. Hell Bushmaster was almost cancelled.
The four upgraded FFGs became the replacement for the DDGs, the corvettes were never ordered, and eventually the RAN got three Hobarts to replace nine FFGs and DDGs. The ANZACs were upgraded to fill in as major combatants.