What if HMAS Australia had been built as a Lion-class battlecruiser rather than an Indefatigable?
Short answerA Lion would have been more useful but more expensive. The Dominion requirement emphasized a cruiser-squadron flagship for economic warfare.
NotesA Lion-class Australia would have been more useful in several ways, but it would also have cost more. The Australian and New Zealand requirement emphasized an economic-warfare cruiser that could lead a cruiser squadron. The ship was to serve as the squadron's flagship while its cruisers carried out commerce warfare. That emphasis helps explain the choice without denying the usefulness of a more powerful design.