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They aren't really Reservists (that is a whole other portion of our military), they are more like a paramilitary organization if that (they are not to actually engage in combat). As far as I know they are not accountable for there ammo usage, and for storage/care of their rifles they aren't accountable to anyone (the rifle once issued as I understand belongs to the Rangers personally). If they lost there rifle I imagine they would have to tell there superior (whoever that is) but since there is no aging out for them, it is basically a free way for them to get a rifle, ammo and 12 days pay a year without work.
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Just ask them to come down to good ol Rottnest Isl in W.A the army dumped heaps of 303's and ball ammo into a trench in the ocean not to far from the island.
Also there have been the odd discoveries of weapons caches in deserts sometimes by drill crews when the drill rod disappears one rumour had a chap going roo shootin' with a bren on the front of his SWB Landie it can happen,
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They don't need a new rifle, they just need to restock the No4's with a forend like the No5 and a butt like the S.A.L. Monte Carlo stock first used on the Long Branch snipers and later used on various sporters like the Parker Hales. A waterproof laminate stock with a durable butt pad, maybe shorten the barrels a bit and buy some grey Suncorite to finish them with. Presto, job done for $400 each maximum and the Rangers will be happy.