Officially, the current Australian flag is the blue ensign which was adopted with the Flags act 1953 and is representative of maritime/ corporate law. This followed the 1948 Citizenship Act. An ensign is the national flag flown on a vessel to indicate nationality . There are three ensign flags, red (civilian ships), light blue (Royal Australian Air Force) and white (the Royal Australian Navy) all represent maritime/ corporate law.
The flag that represents the Commonwealth of Australia Common Law is the 1901 flag. This is distinct from the red ensign flag.
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The white flag, may also have value, as it implies that you are a non-combatant, and so protected by the Geneva convention.