While I'm all for taking the piss out of the whole new-flag electorate-distraction farce, it is actually a decent design exercise too.
This is an actual, serious, no-shit design that I think would work, and it's so jam-packed with symbolism that it squeaks when you rub it.
The cerulean blue field stands for our sea and sky. The green stripe is for our land, out on the ocean; the white stripe is for our Long White Cloud. The Southern Cross is pretty self-explanatory; it places us in our hemisphere, and it provides a visual link with the old flag.