Bruce, we - the apathetic monarchists with an interest in recreational shooting - salute you.
I’m an apathetic monarchist by inclination since it ain’t broke, needs no fixing yet, and we don’t have to pay for Liz’s upkeep. But I’m quite willing to consider a different model, so here’s my modest suggestion.
Institute a republic and an office of President chosen by the ruling federal party in Canberra of the time.
Give that person a 44 magnum and a passport and $5 million escrow account in Switzerland, and permission to shoot dead one person of their choice during their term of 5 years. The President would have no other power. The $5 million would be collectible on execution of the single responsibility of their office.
I guarantee two things. One, the choice of officeholder will be made very carefully, and two, the views of the President would be quite well listened to.