While I am not a monarchist I do believe it still has relevance to Australia simply because our politicians need someone to keep the bastards honest in the form of a governor general because the left has become too left and the right has become weak and too religious and really fear the socialist oppressive path the current left would take us under a republic. The question was asked last time the Republic argument was raised "are we grown up enough" to be independent? I think now we are less grown up and are reverting back to being children.
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