The Queen

Acts of the British Parliament guided its six Australian colonies from local suffrage through to Federation in 1901.  Australia therefore traces its legal and political system; and many of its institutions back to Britain.  To this day we rely on the British monarch to act as our nominal Head of State; appointing the State Governors and the Australian Governor General, on the recommendation of the various governments, as de facto Heads of State. 

Government House Sydney - the closest thing to a palace

This will continue until a mandate is achieved, requiring a majority of electors in both the individual States and the Commonwealth, to arrive at an alternative method of appointing State Governors; and a President to replace the Governor General.   Republicans can't agree on either: an elected; or indirectly appointed head of State; or on the powers that might be added to, or removed from, the position of President. 

I for one, certainly don't want to see yet another politician, with yet another competing electoral mandate, in the job of de facto monarch.  A practical alternative might be a US style 'separation of powers' but that would require excising the Executive from the Parliament; and 'hell will freeze over' before the various Australian Parliaments and their majority leaders (Premiers and Prime Minister) give up their Ministers of State; together with control of the Public Service and executive power.  British and New Zealand and Canadian Republicans face the same problem. 

So Betty remains our Queen de jure into the foreseeable future, with Chuck and Will; and little Georgy Porgy to follow.  We can still get excited about royal weddings; and babies; and see the trooping of the colours; or the changing of the guard; or the presence of the royal standard over Buckingham Palace or Windsor Castle or Holyrood Palace; and flotillas down the Thames; all relevant to us as well.

The Mall; Buckingham Palace; Holyrood Palace; Edinburgh Castle