Meaning of bunyip

bun•yip

Pronunciation: (bun'yip), [key]
— Australian. Australian.
—n.
  1. a mythical creature of Aboriginal legend said to inhabit water and watercourses.
  2. an impostor.
—adj.
  1. counterfeit; phony.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.