for me, theres a whole plethora of reasons why the air corps, and the army as a whole are not better equipped.
i think first and foremost is the fact that for 70 odd years of our states existence we were scraping by and money had to be spent on other more immediate things out of simple neccessity, so when our economy started "booming" in the mid to late 90's, there was no culture of defence spending.
when theres no culture there in the first place and our country is still alive and well after the "troubles" and the cold war, the government rationale and its fairly sound, is well lets continue the occasional purchase here and there, its served us ok thus far.
another reason, and actually this is vying for pole position as the main reason our DF is poorly equipped; jets, mbt's and frigates do not and will not win you votes.
our road systems, health, the luas etc, they are all in a mess because the same government rationale as we had throughout the 70's and 80's still presided. lets do it for the lowest possible cost, screw quality. so now as our economy hits a bumb in the road, they are a shambles and all available money has to be spent trying to clean up the mess and i'm sure at the end of it the results still wont be satisfactory.
when thats the level of leadership your dealing with, you can forget a well equipped defence force.
i dont support any political party and i think saying one party or the other would do a better job is a joke, i dont want a party in power who'll buy 24 f-16's and then @#!~ up the health care system.
governments will neglect what they can as long as they can