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I really like the idea of reflective materials in a flag. Not just for its obvious lustre -- imagine how beautiful a gold disc would be as an aircraft roundel. And the stationary! It could be represented in matte colours too, but the primary form would be reflective.

Proper flags would use gold thread, not like a shiny plastic disc or something. So it would still be a cloth flag. The gold hoist on the flag is not technically a part of the design -- all Commonwealth republics (including the federal flag) have a shiny gold hoist as a sort of unifying motif.