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It is too late because of its existing commitment to JSF. There isn't any alternative availble yet,except non stealthy air craft ie Typhoons or Rafale. Australia has a weak federal govt right now which cannot make drastic decision and which may put it at the odds with the US.
Australia may cut the order short but won't scrap it. It just cant.IDK if Canada has backed out yet or not.
I would think the reversal of an unpopular decision and a snub to the US will earn serious appreciation from the Australian voter? So either the decision is not as unpopular as you seem to think it is OR the Australian government is not as insecure about it is decision to go for the JSF? In any case, the JSF will go on even if Australia opts out.