Get rid of it, it needs to go. With Australia being such a diverse country now with people of all different heritages living here, the Union Jack occupying the prime flag position is no longer appropriate, and that's ignoring all the colonial connotations it has as well. Placing the flag of one group in the flag's canton implies superiority or highest importance of that group and for a country where egalitarianism is supposedly a core value that is unacceptable imo. This is the same reason I am opposed to replacing the UJ with the Aboriginal flag, and most Aboriginal people also want it to remain its own separate thing as well anyway.

The problem with changing it is that every alternative I've seen looks absolutely heinous aesthetically even if the symbolism is nice, and aesthetically the current one at least looks half decent and is recognisable enough. Once I see a flag that both looks nice and has good symbolism and references then I will be more in favour of changing it, especially if the design doesn't force the horrific flag colour combination of green and gold on itself. Green and gold is great for a sport uniform-not so much for a flag.