In other Olympic related comment, in today's Age some bloke called Barry Everingham has
called for a new Strayan flag.
I accept his offer:

I'm obviously not a designer, but there's method in my visual spasticity.
1. The blue is the same as the blue of the current flag.
2. The blue is to represent the ocean surrounding our country, as well as the night sky.
3. Green and gold are more identifiable with Australia.
4. The green beside the blue represents our green cities and forests along our coastline.
5. Green represents our respect for the environment.
6. Gold is the desert in the centre of our country.
7. Gold also represents our warm inner hearts, and our wealth and riches.
8. It is simple for kids in primary school to draw with crayons, unlike our current flag and many of the proposed new designs of our flag.
9. All the best flags around the world are the most basic. It shouldn't be designed by a graphic designer otherwise it becomes too messy and 'fashionable' only for the time it was created.
Or something.
Maybe the whole thing could rotate 90 degrees, and maybe colours could be of equal width or something.
I even toyed with circular green and gold to make it look more like an island in a sea of blue, but it looked like a target.
I think it's terrific, but if they get rid of the monarchy I'll spew. I'm all happy for a flag change, but I'm also happy for the monarchy to stay as it is. The day we cheer a bureaucratic President is the day we've lost our Australian-ness. Better to have a state leader who lives in another country breeding corgis that we can whinge about, than have some Dick Smith-like character replacing her.
Insert abuse in the comments section.
UPDATEI've darkened the blue to make it more like the original flag, and made the golden centre more like the one from the Aboriginal flag, as per Louche's suggestion that we should acknowledge their heritage.
Conceptually it;s the same, but this one's a bit prettier I reckon.