Light tanks were still produced until recently, with the Scorpion, Stingray and the Sheridan coming immediately to mind. Much of their role has however been overtaken by converted APCs, mounting light-tank like turrets.
Combat Vehicle Reconnaissance (Tracked) or, CVR (T) family. The full design name is Combat Vehicle Reconnaissance (Tracked) Fire Support (Scorpion).
"A rose by another name would smell as sweet". The Scorpion is a light tank, FutureTank. The MoD might have fallen victim to foot in mouth disease but the rest of the knows when its being offered a silk purse or a sow's ear..
I have had a number of these discussions, and it is strangely appropriate in discussion of an M1 purchase.
Defence departments in most countries do not employ idiots who can't tell a light tank from a reconnaissance 'vehicle'. All vehicle designation in armies, and other services for that matter, is a matter of policy.
Hopwever the argument you make is that vehicles should be designated according to their function, so let's take that one step further.
The Australian Army had a modified M113 'vehicle' with a Scorpion turret mounted on it. Is
that a light tank?
The BMP is better armed then most WW2 light tanks. Should the BMP as used by the recon troops be classed a light tank? Keep in mind the original light tanks were made for recon troops and the crew were expected to dismount for scouting when required.
The BFV is as heavy as a light tank, and is also used by scouts.
Now look at it from the DoD point of view.
The generals in democracies need to ask for money to equip their troops from politicians and bureaucrats who, though they may have their best intentions at heart, by and large just don't have the experience and knowledge of employing troops in battle. All they can go on is the intelligence provided to them on which to base the budget decisions.
Some functions in battle are undeniably better served by light tanks. Imagine if the Australian Army asked for a recon squadron which incorporates light tanks for each brigade just like the Stingrays Thailand bought. The decision maker would ask for the threat these tanks would counter, and its hard to explain that while there is no threat, IF a brigade was deployed, it is better served in battle by light tanks incorporated into the recon teams.
Others, in fact in this very thread, suggest that what Australia needs are more deployable tanks. So maybe the Army would suggest that it should have at least a squadron of these same Stingrays as the quickly deployable tank force. The question would then be, are two Stingrays better then one Abrams, and there is no simple answer.
These are the reasons that British Army has no light tanks, and neither does the US Army, or any European Army I think. Even the AMX-13 is designated reconnaissance vehicle by most armies as I already said. The French used to designate them Char to make their tank fleet look much larger then it was.
So what is a light tank? Are the ASLAV-25 light tanks? They do the same work as their predecessors during WW2.
Now imagine if the purchase of the M1 was announced to the public as for a heavy tank. The opposition would have a field day asking in the Parliament why Australia needs a heavy tank. Fortunatelly they know better