The historic vote has sent pro-republic supporters into a frenzy, with hopes it could generate momentum for independence from Britain after the failed 1999 referendum.
But monarchists say the calls are desperate.
The impact of Brexit has reopened the case of Australia becoming a republic.
In the wake of the momentous vote, supporters of the republican movement have flooded social media calling for Australia's independence.
Leading the charge is Australian Republican Movement chairman Peter Fitzsimons.
He has told the 2UE radio the Brexit vote highlights that Australia's links to Britain are outdated.
"When we became a part of federation, you know, it was a firm statement of who are we, what are we, Australia, when we had our flag, and we had our constitution -- we are a part of the British Empire. Look at our flag, look at our constitution, we are little, little Englanders in the South Sea, that is who we are. Well, what Brexit says, what Brexit underlines, is the fact that that is no longer ... We already knew that was no longer the case, but it's rubbing our noses in it. Great Britain barely exists anymore."
The Brexit vote has sparked a movement on social media calling for Australia to "grow up" and cut all ties with Britain.
The so-called "AusExit" campaign urges Australians to form an independent republic and reinvigorates calls for a new Australian flag.
Many are calling for the Union Jack to be removed.
One post depicts the flag with an arrow pointing to the Union Jack and, underneath the arrow, a new line in white: "We are with Stupid."
That post has since gone viral.
However, monarchists say renewed calls for a republic are desperate.
Australian Monarchist League chairman Philip Benwell says an Australian republic has nothing to do with Brexit.
"In fact, it's quite the opposite. The people in the United Kingdom voted to leave the European Union so that they could regain their own sovereignty. In Australia, the monarchists fight to retain our constitutional monarchy so we can retain our sovereignty. For the republicans to say that it gives an excuse to become a republic is total, apparent nonsense. Brexit has nothing whatsoever to do with changing from a consitutional monarchy to a republic."
But Mr Fitzsimons argues Brexit is not a model for an Australian republic.
He has told 702 Radio the vote is a wake-up call.
"From the moment that Brexit came through, social media came alive, the people saying, 'This is ridiculous, let us be our own people, let us get away from this.' It's not looking to Brexit as the model at all. It is just saying it is ludicrious in the 21st century to say that Australia cannot do better than find our heads of state from one family of English aristocracts living in a palace in London. We are ... we are better than that as a people."
Prime Minister Malcolm Turnbull led the republican movement to an unsuccessful result at the 1999 referendum.
And he told Fairfax earlier this year the timing for any referendum would be crucial.
But just last week, he told reporters Australia's relationship with Britain would remain strong and intimate in the wake of Brexit.
