The F-16 is definitely a cost effective choice. If it were 5 or 10 years ago, maybe, but since the ADF chose the F/A-18 over the F-16 25+ years ago it is unlikely to change its mind now.
Other alternaties:
Eurofighter Typhoon - probably too single purpoose for Australia
Dassault Rafale - More of a multirole aircraft than the Typhoon. But I don't know too much about its abilities.
Saab Grippen - I suppose similar to the F-16 in size and abilities, though a newer airframe.
Boeing F-18E/F - this is the route we have taken for temporary fill-ins between the F-111 and the F-35, and looks like the only option we will look at if the F-35s are further delayed/orders cancelled.
Boeing F-15SE - a legacy airframe updated with more stealth charcteristics. Not sure how that will stack up for the future.
Sukhois Su-35 - or an Australia specific version of such.
Sukhoi Pak-FA - not likely to be ready before the F-35 in any case
As far as contracts are concerned Australia is either committed to purchasing 2 or 13 F-35, not sure which. We are due to get our first two delivered in 2014, but they will remain in the US. That will, surely, make it difficut for the ADF to make a comprehensive assessment?