Australian Treasurer to lead renewed push for Australia to become republic

Australia's Treasurer Joe Hockey will lead a renewed push for Australia to become a republic within the next five year, according to an announcement Wednesday.

Hockey, along with Senator Katy Gallagher from the Labor Party, will form a Parliamentary Friendship Group which will reignite debate as to whether Australia should cut ties with the British monarchy and form a republic.

The announcement was made on Wednesday at the National Press Club in Canberra by the head of the Australian Republican Movement, Peter FitzSimons.

FitzSimons said with renewed debate, Australia could begin the process of becoming a republic by as early as 2020.

"It's the hope in the next five years, Australia can begin the formal process towards becoming the Republic of Australia," FitzSimons said on Wednesday.

"A republic that we deserve to be, an independent sovereign nation beneath the Southern Cross we stand, a sprig of wattle in our hand."

Hockey was one parliamentary MP who supported the initial republican movement when it was put to a referendum in 1999, alongside current Communications Minister Malcolm Turnbull.

The referendum was unsuccessful and one has not taken place in Australia since.

Turnbull was the leader of the Australian Republican Movement, before decided to enter parliament, from 1993 until 2000 - choosing to resign after the referendum was voted down.

Opposition Leader Bill Shorten is another MP in favor of Australia renouncing itself as a constitutional monarchy.

In June this year, he called for Australia to vote on becoming a republic by 2025. Endi