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From an economic/ideology pov, I'd say yes.
From an ashthetic pov, I don't know - UK banknotes are quite nice looking.
I'm just waiting to see Britain become a Republic or something before us Aussies get around to it - we'd end up looking SOOOO pathetic.
"Yes hello, I'm Australian, my country is run by a monarchcy that doesn't exist...what system do you have?"
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