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Should Australia become a republic?
Australia is multicultural. Britain is only one of many nations from which immigration has occurred.
Britain has an overwhelming claim on Australia that is not representative of the fact that Australians originate from many countries, not just Britain.
There is no reason why monarchies cannot be multicultural; the two are not mutually exclusive.
But due to intensive immigration currently somewhere between 85% and 92% of all Australian population is of European decent.