If Melbourne had been used to conduct actual strikes in Vietnam, it would have given a big boost to Australia's prestige, for starters. Other than the US, only the UK has ever conducted actual combat operations off of CVs. (OK, India sorta has.) They probably woulda lost some Skyhawks to SAMs and MiGs, but it woulda made a real difference.
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Mate, the RAN already had some carrier experience from Korea, when HMAS SYDNEY's Fairey Fireflies & hawker Sea Furies flew combat missions alongside HMS OCEAN. As for the A4 Skyhawk strikes by the RAN's FAA, maybe they could've just flown directly in support of Australian soldiers needing air support instead of being sent to bomb PRVN as the fliers on YANKEE STATION did (thereby preventing any FAA fliers from falling into PAVN hands) ?
'Not that I wouldn't like to see Aussies launching Phantoms off a carrier, but I'm not so sure they wouldn't drive their Navy into the ground doing it...'
Well, the RAAF borrowed approx 2 doz F4 Phantom IIs from the USAF during 1970-71 while awaiting delivery of the F111- I saw 1 of these Phantoms on display at the RAAF Museum Point Cook when I was there after Avalon airshow

maybe, if the RAN had somehow acquired another new carrier after Vietnam, they could've held onto those 24-odd Phantoms for a new FAA strikeforce to supplement or replace the A4s ?