"Bunyip aristocracy" is an insult used to refer to those Australians who consider themselves to be aristocrats. See Wikipedia entry for more information.
"Given his predilection for the bunyip aristocracy, it's surprising that Big Jim Byrnes's education does not seem to have extended to the age-old adage 'people in glass houses shouldn't throw stones'."
Kate Askew - Sydney Morning Herald, October 4, 2003
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Someone who drinks the bong water out of a smoked bong
Fuckkk johno you love that bong water ay, your the biggest Bong Bunyip
A fat sperm dripping mammoth of a human that likes to take loads in every orifice possible.
"Look at that fat fucking cum bunyip i`m sure she would swallow your man custard by the bucketload"