Wings, fuselage, avionics, acquisitions, nav, weapons, pilots.
Which one doesn't go through a generational update/revolution?
The fighter age is coming to an end as we have known it. The limiting factor is the human being carried in the machine. He has to go.
By the way, Oz hasn't had a carrier for donkey's years and we have just taken delivery of the stop-gap Super Hornet which is as much a waste of time, money and strategic option as the F4 was while waiting for the F-111, which was opted for instead of the TSR2. The SHornet is a useless aircraft even for Oz. The JSF is even worse. NO aircraft is at all useful if the only friggin' engine it has flames out.
Funny how the Swedes can build a fighter of merit with a population the same as Birmingham. Oz had a Brill idea a long while back. The RAF (well, MOD) had the Jindevik., Oz designed and built. It was the last real aircraft we built. It was hard to shoot down even then !!
The UAV is the next generation. It could be cheap as chips.
Remember how the Pakistanis laughed all the way to war with India when the Pakis had F 104's and the Indians had Gnats?
The Indian cheapy Gnats shot the F104's out of the skies in a week.
When I was in the service I argued against the Tornado. It was vastly expensive. The costs have simply gone through the ceiling.
UK, design and build your own. Don't rely on the US. Build many and small and ground/satellite controlled. Make a carrier version (should be a doddle).
Carriers are not targets. They used to be. Now they are reasonably defensible. Have ten small carriers. Don't even try to 'project power' over vast distances anymore. That is 19/20C thinking. Think preserve a small nation that is very wealthy comparatively but well past its 'leadership' date.
Britain used to have a Two-Navy Dictum to define 'world power' status. The Royal Navy had to be twice as powerful as the next to navies combined. Then came the aircraft. That was a game changer. The RAF was for a time the most formidable military force in the world. And then came the Americans. The US military power has now THREE times the Whole of the rest of the World combined and not just Navy but in the air, on the ground and in space.
Game change is coming again.
But there are few Politicians around with any vision.