NEW : `` I think that our existing constitutional arrangements have worked well in the past . Opposition leader says the country 's current system of government is good . PM Julia Gillard says Queen Victoria should be Australia 's last monarch . She wants Australia to become a republic . Australia is currently a constitutional monarchy .
NEW : Opposition leader says the country 's current system of government is good . PM Julia Gillard says Queen Victoria should be Australia 's last monarch . She wants Australia to become a republic . Australia is currently a constitutional monarchy .