1. Plural of bunyip; in Australian Aboriginal mythology, a large, dangerous creature said to inhabit swamps and waterholes.
Usage: Australian folklore; Often used in children's stories and popular culture
2. Something that is feared or talked about but whose existence is doubtful; a bugbear or phantom.
Usage: informal; Australian English

Examples

• According to Aboriginal legend, bunyips lurked in the billabongs of Australia.
• The children were warned not to venture near the water after dark because of the bunyips.
• Local bunyips became the subject of many campfire stories told to keep kids away from dangerous areas.
• The explorer dismissed tales of bunyips as mere folklore and superstition.
• In modern Australian culture, bunyips appear in children's books and television shows.
• The town's mascot was inspired by the mythical bunyips of the region.