It took 16 people seven months to make the hot-air balloon, which can carry a pilot plus two passengers to an altitude of 3,000 feet.
Hanging from its giant whale-like body are ten huge pendulous breasts.
Ms Piccinini says they reflect how whales are mammals and breast-feed their young.
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More pictures are on the linked websites.
I saw it this morning I was freaked out. Nobody around here likes it. Its weird.