Australia is not an out lying island of Great Britain. It is an independent country! Anyone looking at Australia's current flag could be mistaken for believing the former though. Yahoo Serious a famous Australian film maker has proposed the following design for a new Australian flag.
Of course there are plenty of alternative designs. Here are a few distinctly Australian flags. I don't believe they would be considered for a new Australian flag though for historical or political reasons.
Ausflag is an apolitical, non-profit organisation seeking to secure the popular support of the Australian people for the adoption of a truly Australian flag. Visit their website to see some more designs for a new Australian flag.
