Ttbn nailed down the situation: "A republic would not change the fact that Governments no longer represent citizens, but treat them as subjects".

As a mock democracy we are given the choice - the orange whip or the purple whip, both identical except for their colour.
"Oh is there not enough choice?", say our tormentors, "would you rather we beat you with a green whip? a red whip perhaps? You choose dears, this is democracy after all!"

- Give the mob some entertainment, distract them with shiny ribbons with lots of colours to choose...

Nay, unless we are masochistic by nature, any constitutional change should start by tearing down the Canberra regime with its "commonwealth" hump, not a different puppet-ruler so they could now claim, "but that's what YOU chose...".

diver dan,
It takes some very devoted people to want to run the un-runnables in this nut house ?

I don't want to be ruled by foreigners, but there's no escape from it now anyway, which makes this discussion completely irrelevant.