greetings dave.
i have had this problem and discussed it sometime ago probably in 2008 or 2009.
the mast tabernacle, which was mounted somewhat forward of the center of the compression post that supports the mast between the deck and the liner, had rotated forward somewhat, causing a dip and cracking in the deck.
after removing the mast, i jacked up the deck a little and inserted a stainless steel "T" beam (about 2' long) to span from the compression post to the top of the forward head-door jamb. this straightened out the deck. i excavated all the totally rotted plywood out of the mast step and replaced it with built-up fiberglass.
sometime later, i relocated the tabernacle about 1 1/4" aft of its original position to bring its center more directly above the center of the compression post.
a short compression post between the liner and the bilge (below and forward of the ice box) was bearing on plywood in front of the lead ballast. the plywood sheared off at the lead and resulted in bilge water filling the hull/ballast void.
i dug out most of the rotted plywood forward of the ballast (a very difficult job in view of the minimal clearance between the bilge and the liner) and replaced it with a new piece and fiberglassed over same. i then had a stainless steel shoe made to span across the bilge. and support the short (4") post below the liner. i have not restepped the mast since this was completed, so this solution is untested.
i can provide more details and some pictures if you think that would be helpful. or even better, drop in and have a look the next time you are in australia.
james templeton