There has been very little discussion of either what might be lost if there were a change, and even less about the strengths and weaknesses, the costs and benefits, of our present arrangement. The error that both republicans and monarchists have made is to equate a local Australian head of state with a republic. Australians do not want big changes. They simply want a local to be head of state. Australia is a constitutional monarchy.
Constitutional monarchy is arguably the most successful form of democratic government.
Examples are Israel, Germany and, fellow Commonwealth member, India. Australia already has the real thing, a real constitutional monarchy that is superior to a simulation. Most Australians are probably monarchists. They may not be royalists, but they are monarchists. Most also believe that our head of state should be a resident and many conclude that the gloss on the House of Windsor has been tarnished in recent times.