I like May 8 but I also like the idea of having the Australia Day weekend at the end of January.  It's just before the start of the new school year and it sort of draws a line under the summer holidays.  There are a few other public holidays around early May.

I have seen one suggestion that instead of there being an Australia Day date, we should have a public holiday on the last weekend in January - even have the Friday and the Monday holidays to make a four day weekend like at easter.  Might take the sting out of celebrating the actual day indigenous people were disposessed.