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Yes and no.
The last real legal and/or political tie to Britain was severed on 3 March 1986, when the Australia Acts came into effect. The Australia Acts declared that Australia had the status of a Sovereign, Independent and Federal Nation.
The nation still retains Elizabeth II as head of state, but her position as Australia's head of state is a completely separate position from her position as the head of state of any other country, including the UK. What the Australia Act effectively did was remove the ability of the British Government to make laws for Australia and removed the last legal link with the UK by abolishing the right of appeal to the judicial committee of the Privy Council.
Some might say Australia is still on a path to independence as we are still technically ruled by the British monarchy, even though that monarchy does not have any right to interfere with Australian laws. Currently, Australia chooses to remain in the Commonwealth. It has not yet elected to go down the path of republicanism.
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