Yes!
It's entirely possible that Australia retains its constitutional monarchy status purely so we can compete in the Commonwealth Games. If a bit of US competition came in, perhaps we might get bored when we don't win all the swimming events and decide the games aren't worth staying int he Commonwealth for.
That said, I actually think there's really no compelling reason to leave - if our democratic process is ever interfered with, we;d be a republic as soon as the referendum could be organised. That said, the way we've been going (4 changes of PM in 6 years), a bit of interference might not be a bad thing.
Oh wait, Brexit. Right.