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Currently, we are not tied down at all by the monarchy, and although the Queen does have the power to intervene in the running of our country, she doesn't out of tradition, and therefore, probably never will, bound by the tradition.
If we become a republic, we would lose valuable ties with England and perhaps part of our heritage that goes with it. England can support us through many unfortunate events that we may face and England, being on the other side of the world may not, putting them in a position to offer us financial, military or other support. If we were to become a republic would we forget that the English were the first people to colonise our country, and instead of learning about the colonisation of our country, learn about the way in which we broke free from England and the monarchy? We owe our existence in Australia to the English and we are treated very well by them - they let us manage our own affairs and don't interrupt in the running of the country, while still offering their support if we should ever need it, and if we were to break free from this "tight rein" by the monarchy, would they still offer their support when we needed it?
Becoming a republic would achieve nothing and we would lose our valuable ties with England and the monarchy...
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