Is Australia becoming a republic similar to the UK leaving the EU

So as an Australian outside perspective it seemed clear to me that the UK should stay in the EU and iirc Fab did a pretty good breakdown of this.
However, I was just thinking in the car recently that I have always felt Australia should become a republic and break it’s ties to the UK.
To be clear this is not an option at the moment. What I realised however is this could be similar to the UK EU. I mean it is called the common wealth. That seems like some good marketing but I have never really investigated the benefits for us.

In an economic sense I’m not seeing it. See table eight here:

The U.K. only constituted 3.4% and 3.6% of your exports and imports for 2018, and that was a big decline over previous decades as shown in that table. It seems that after Brexit you and the U.K. formed a bilateral trade agreement, which implies that the tariff regime was previously more defined by your treaties with the E.U. than by anything to do with the Commonwealth of Nations or from the Queen being your nominal head of state.

When Canada discusses becoming a republic, aside from the nostalgia of older people, the difficult issue is that the treaties with First Nations people were treaties between them and Britain. When the press covered the issue they used to cite that as a problem, which, ironically, given how badly Britain used Canada’s indigenous over the years, would supposedly make First Nations leaders somewhat Royalist. Is there the same kind of thing with Australia’s indigenous or were there any treaties to speak of?

IIRC when republicanism is spoken of in Canada the expectation is that you guys would go first. Could be wishful thinking with Canada wanting to have a better chance in the Commonwealth Games (or could you still be in the Commonwealth as a republic?). Oh and geez, it’s not enough you smoke us at those games but now you have to beat us at curling? Have you no mercy? Last-place Aussies stun Canada in Olympic mixed doubles curling

I’m not sure if it is still the case, but there used to be relaxed travel criteria when traveling to other members of the commonwealth. It’s really just more of a club these days.

I think Australia is a de facto republic and has been for decades. It is essentially governed like a republic with the head of state being somewhat of a figurehead and the head of the government making all the decisions.

Kind of like how in Germany the head of state has basically no power and it’s mostly just a ritual for him to sign all the laws as a final approval step.

IMO people make too much noise about labels like “republic”. The mode of government, in this case being a democracy, is much more important. And in that sense, Germany, the UK and Australia are very, very similar, even if only Germany calls itself a republic.