As Richard Farnsworth said, republicans are waiting for an unpopular and unfamiliar monarch to raise the question again. OTOH the celebrity appeal of Kate & Wills (which is driving the millennials’ affection for the monarchy) could still see it stick around.
Part of the problem is that republicanism doesn’t have the emotional vigour it did in the 1999 referendum, or as energetic a proponent as Keating. Yes, Turnbull is a republican, and came to political prominence through the referendum; but come on, Turnbull is hostage to his right wing on everything, this can’t be an exception.
There’s a complacency of “if it ain’t broke don’t fix it” around the republic, and affection for Wills & Kate. Australia may well not go there. Plus, the rebellion against elite republicanism in favour of some Stupid-Arse “As Seen On TV” popularly elected president did republicanism real lasting damage in Australia. The mob want a Trump (or a Scott Cam), and the elites want nothing that will impact the constitution as we know it.