Craegus
One and Only
To add my two cents in, there definitely has to be a nod somewhere to the indigenous peoples of Australia. One element at least, whether it's a dotted border of a flag/element or even something minimal, there needs to be the unification of the Anglos and the Original inhabitants of the land, showing peace between the two cultures.
Can't this be done by a flag that has no cultural references to anyone, I think including something would cause more problems than including nothing.