What Benefit would be gained out of Australia becoming a Republic?

Why become a republic at all? What is the point? Would giving absolute power to an Australian head of state be a good thing? Or would it be just giving anti British anti Monarchy left wing types in our country what they want and create a Socialist Dictatorship? Or is this issue just being used as a political smoke screen to cover up the fact that things have not improved much since the Labor party got into power again (in fact they have gotten worse in some cases). Just like Paul Keating used this issue to divert attention away from what a up he made of the Australian economy. Being part of the commonwealth means that if a Prime Minister starts to ruin our economy and starts being bribed by big multinationals into ping laws that take away the rights of normal citizens he/she can be sacked. Thats what happened to Whitlam (considered by some the worst thing to happen to our country, next to Paul Keating). What real good (not idealogical good) would come from being a republic?