(Edit - Hrm..this isn't raunchy at all...but eh, it's funny )
NB: For those of you who don't know, John Howard is the Prime Minister of Australia.
John Howard phones up the Queen, and says to her, "Liz, I reckon Australia should become a Kingdom". The Queen voices her disapproval: "No John, for if Australia were a Kingdom, you would have to be a King, and you are certainly no King".
Little Johnny bargains: "Well, how about an Empire?" But again, the Queen disagrees: "No John, for if Australia were an Empire, you would be an Emperor, and you are certainly no Emperor".
Little Johnny thinks for a while, and says "Hrm....what about a Principality?" But yet again, the Queen doesn't think him worthy. "No John, for Australia to be a Principality, you would have to be a Prince, and you are certainly no Prince".
Exasperated, Little Johnny says "Well, what do you suggest, Your Majesty?"
Quick as a flash, the Queen shoots back, "I think Australia should most definitely remain a country"
Read that last line aloud if you don't get it.