Sorry, erm, what's so bad about becoming a Republic?
President Blair! Good enough reason to keep the Queen and even the POW.
As for Aus it would be great if they had Kylie as Pres, unfortunately Paul Keating is more likely.
As for the UK being a 'foreign' country, there seems to be a lot of Aussies over here who think is spookily the same (apart from the weather!)