Hi Bighorn,
1 ram should be able to manage 40-50 ewes in a period of 8-10 weeks. Especially a young bloke like that in his prime.
From the way numbers dropped off so dramatically, I would suspect brucellosis. I've had sheep 7 years and this is the only thing i can think of that would cause your problems. (unless you are in another part of Aust that has a problem I have not come across)
Brucellosis is a virus that renders rams infertile, or almost so.
Once a ram has it you cannot treat or cure it.
If he has been in contact with your younger ram I would be 99.9% certain the young bloke has it too. (passed on via sexual contact & rams being rams, sodomy is rife).
If your rams are quiet enough, sit them up and gently manipulate their testicles, they will feel hard and lumpy. The lumps are the disease - stops sperm travelling through. Eventually everything gets blocked up and they are then totally infertile.
Did you get your young ram from a stud that tests? If not then he could well be the source, came in infected and then passed it on to the older guy. Or ewes can carry it - ewes that get pregnant to an infected ram usually abort, but htey can carry the virus internally for about 6 months, so if you brought any new ewes in, they could have given it to your ram. Or the older guy came to you carrying it but managed to work the first year before his sperm count dropped too low.
Do your neighbours have sheep that have ever (even only 1) wandered into your flock?
The only cure is prevention. Your vet can do a blood test/manipulation to check that this is the problem. Once you know it is brucellosis, all you can do is cull all your rams & leave your ewes empty for more than 6 months so that any carrying the virus are clean. Then start again with a ram from a stud that tests for it. Please ask to see their certificate. If they don't have one, go somewhere else. Might cost a bit more in the short term but you won't have these problems again.
Sorry not good news, but i hope it helps.
Cheers, Cate