The UK loaned HMS Victorious to the USN in December 1942 where she served along side USS Saratoga, under the code name USS Robin, from May until September 1943 before returning to the UK in October. What if Victorious is transferred to the RAN either as part of, or at the end of, this loan?
OZ RB Fans Whirlwind got me thinking and reading when I came across a point I had forgotten, specifically, in December 1942 when the Australian Minister for External Affairs, H.V. "Doc" Evatt, travelled to the US and UK to request additional aircraft for the RAAF, he also requested an aircraft carrier for the RAN from the UK. This was the same time as the US requested the loan of a carrier to make up for the recent loss of Hornet and Enterprise so it is hardly surprising that the US request was given precedence of the Australian one.
Now how about there was some lateral thinking along the lines of killing two birds with one stone and the loan of Victorious also saw her transfer to the RAN, either as part of her loan to the USN or immediately following it. The RAN was at this point integrating with the USN and as such was already working very closely with them in the Pacific, they had requested a carrier but none were available and the UK was keen to be involved in the Pacific proper but Admiral King was opposed to this. This could have seen the RAN receive a carrier and that vessel be loaned to the USN, where it could either have continued serving with the USN for the duration, or it could have served as the foundation of the British Pacific Fleet when it was eventually formed, hopefully expediting the process and removing many US objections.
RAN FAA would have been formed and drawn many personnel from the RAAF, taking over from seconded RN personnel through 1943. Stations would have been established in Australia in pretty much the same way as they were post war with some new and others transferred from the RAAF, Garden Island and Cockatoo were already upgraded or being upgraded to repair and refit capital ships at the time anyway. What would have followed this 1943 transfer to Australia, would there have been additional carriers (perhaps Implacable and Indefatigable), perhaps battleships, or even HMS Renown (maybe instead of Shropshire)? There could have been a RAN squadron in either the US or BPF consisting of Victorious, Renown, Australia, Hobart, the three Tribal's, four surviving N's, and the Q's, maybe this could have been expanded with additional transferred RN ships and even seconded RN ships prior to the formation of the BPF and then later, the Australian squadron could have served with the BPF.