Yes, we have managed things very poorly. Partly this is due to a lack of consensus here about the desirability of maintaining domestic industry. Unlike many other nations, Australia has not committed to sustaining domestic industry as a strategic imperative. This is largely due to Liberal free market ideology that, although looking favourably upon military spending, is hostile to the manufacturing industry (because it tends to be unionised) and to government spending in general. As an expression of this, our domestic car industry dating back 70 years literally died . There is reason to believe we have seen the high-water mark of such short-sighted neoliberalism, and the new National Shipbuilding Strategy is certainly a significant step forward.
The amount of money that will have to funnelled to build and sustain a domestic heavy industry is simply not worth it. If Australia didn't spend all that money keeping a dirt-tier shipyard alive, insisting on domestic manufacture/design, the RAN can have six Aegis combatants with extra left over to upgrade ANZAC frigates.
Now the RAN's surface combat potential is left halved and what did Australia get out of it? A laughing stock of the international shipbuilding industry in South Australia.
Australia trying to sustain heavy industry is like a fat girl putting on makeup and picking out nice dresses. Try all they might, it's not going to work due to inherent issues. Cut your losses and find better ways of spending $10 billion than to force a joke of a shipyard to stay open.