A likeness of the Australian version of the Yeti hulks over a highway between Monto and Eidsvold, about 10km from where the horror was born, The Gladstone Observer reports.
The Bunyip may have disturbed the dreams of the Aborigines of that area in days gone and still scares some folk today but, according to resident Joan Farrell, that's no reason not to celebrate this monster from the deep.
Joan is the spokeswoman for the Mulgildie Bunyip Committee.
She admitted that the resurrecting of the genuine Aussie monster was inspired by mercenary considerations.
"We saw the tourist potential in this," she said.
"I mean, no one has heard of Mulgildie, have they? But now nearby shopkeepers tell me people are pulling up to take pictures of the Bunyip."
The Bunyip statue was made by self-taught metal sculptor and resident Brett Benecke who is a descendant of the area's pioneering family.
Joan said he was reluctant to take on the task at first, but soon become enthusiastic.
"He collected umpteen descriptions, then drew up his design and used it to make the sculpture."
Joan said many locals, including members of her own family, avoid the waterhole said to be the Bunyip's home, particularly at night.
"Locals have claimed mysterious gurgling noises emerge from the waterhole and stockmen have told tales of cattle being pulled under while fording the stream.