RAN challenge- HMAS MELBOURNE not scrapped

In 1985 the Royal Aust Navy decided to scrap the aircraft carrier HMAS MELBOURNE, on the grounds that the govt decided Aust didn't need a naval airborne force projection capability, and the A4 Skyhawks which formed our Fleet Air Arm were transferred to the Kiwis. Now, WI the govt had decided to retain the MELBOURNE ? How much of a difference would the carrier's continued presence up to the present day have affected Aust's ability to respond to regional crises like East Timor and the Solomon Islands ? BTW, I know a guy who used to be a RAN bandsman, and served onboard the MELBOURNE back then.
From what I know of the Melbourne, after its crash with Voyager (it was Voyager wasn't it?) the bow of the Melbourne was being held together with rope. And this is no joke, although maybe the sailor was being somewhat sarcastic with me at the time. But anyway, the ship was about 40 years old in 1985 & well past its used by date. Plus the A-4s were likewise past their used by date. It would have been better, if we wanted to keep an air arm, to have bought the Invincible as was the plan back then. But the Falkands War got in the way so no more RAN aircraft carrier. Whether they should have looked towards the USN & bought a modified Iwo Jima ship (which could operate Harriers) could have been considered, but I have no idea if it was. But the Melbourne would have been far too old to help out in the recent hassles in Timor or the Solomons.