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Her royal highness, Queen Elizabeth, is in a not enviable position these days. Besides her financial woes, she continues to lose support from commonwealth nations, including Australia.

According to the result of a survey commissioned by the Australian Republic Movement (ARM), only 19.5 per cent of the respondents picked the Queen in response to a question which pledge of Australian citizenship do they prefer - the one naming the Queen or Australia?

In contrast, 70 per cent of the respondents picked Australia and 10.5 per cent were unsure.

The newer pledge was introduced 20 years ago and goes like this: "I pledge my loyalty to Australia and its people, whose democratic beliefs I share, whose rights and liberties I respect and whose laws I will uphold and obey."

Even Australia's prime ministers, who make a similar pledge when sworn to office, are indicators of the growing preference for using the word "Australia" instead of "Queen."

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Only current PM Tony Abbott, a known monarchist, used the older version that referred to the British monarch when he was sworn to office in 2013. All his three predecessors - Paul Keating, Kevin Rudd and Julia Gillard - opted for the newer version.

Commenting on this development, ARM Chairman Geoff Gallop said, quoted by Brisbane Times, "The Australian people are ahead of current political leaders on this issue and this poll shows Australians are ready to pledge alliance to an Australian republic."

A report published on Tuesday disclosed the depleted coffers of Buckingham Palace, now down to its last million pounds. Because of this, lawmakers on the House of Commons Public Accounts Committee have urged the Queen and the royals to put in place a more commercial approach, cut staff and even replace the 60-year-old palace boiler.

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