During the 1999 campaign prominent republicans argued that a republic would reduce unemployment, free artists, improve trade, encourage immigration, make us independent and a host of other improbable reasons.
The central argument used in 1999 was that only in a republic could we have an Australian Head of State. But both diplomatically under international law, and constitutionally we have an Australian Head of State in the Governor-General.
(See "The debate is over...republicans will have to find another reason." This refers to an article in the July August 2008 issue of Quadrant, "The Head of State debate resolved" which has been posted under the Australian Crown menu.)