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Should Australia become a republic?
Designing a replacement political system is difficult / risky.
The political system in the USA works poorly and should not be used as a model for Australia.
The replacement political system could be designed by people who are either incompetent or self-interested, resulting in a negative outcome for the citizens.
Unelected official (Governor-general) with limited powers can be instrumental in resolving political crisis when elections produce inconclusive results and no government can be formed.
Things worth doing are often difficult and risky - that is not justification enough not to do it.
Incremental updates can be made over a number of years. It doesn't need to be a complete replacement all at once.