Edward VII played a large role in setting the conditions for the Entente Cordial, in large part by partying a lot in France - activities a politician could never get away with even today. That cultural and ambassadorial role set the scene for the end to a 1000 years of Anglo-French conflict. More recently the current Queen has played major roles in healing the divisions of conflict, most recently with her trip to the Republic of Ireland.
Elderly politicians are still divisive in their election, regardless of whether they're elected by the public or some body. Their actions have to be viewed through the prism of political cynicism and the potential for advancing the interests of their party. Whereas a 90 year old woman who still carries out a punishing schedule of public duties presents a far more inspiring example of duty and loyalty. If no-one voted for you then you are beholden to no-one.
The Australian constitutional referendum was cleverly constructed to keep the monarchy. TWO republican options were offered in order to split the republican side, and both were engineered for short-term aggrandizement of politicians rather than give the country a sound constitution. So a "first, do no harm" strategy ended up with the most votes.
I think a system like the Germans have is pretty reasonable (though more complicated than Australia needs with only a handful of states none with a huge amount of autonomy). Then again, Australia really only needs a head of state to appoint a PM and greet visiting potentates. Apart from that there isn't much need for a GG. Oh and to consume fancy bird feathers.
Like many I chose "The changes on offer are worse than no change at all."
[1]: https://en.wikipedia.org/wiki/Australian_republic_referendum...
At this point, the monarchy is the default position, and I think it will stay that way until the monarch does something to piss off the majority of the Australian people.
Nobody goes to Australia to see the Queen.
Frankly, I think we could do worse then to add some hereditary peers to our republican government.
I do live in a 1000-year-old constitutional monarchy after all and that's the pro arguments I tend to hear.
"Good for tourism" is another one.