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Personally I think the local head of state argument for a Republic is a bit of a fizzer. It at the end of the day would just be another pollie, or if not a pollie, a person such as a former Australian of the year that may or may not be popularly elected but would have only a ceremonial role. Not alot to get excited about.

Oh and you can only imagine the amount of opposition there would be to the cost of holding another seperate election to appoint someone only to be in a ceremonial role.