Goodbye Union Jack and Federation Star if a group of prominent Australians get their way, both symbols would be removed from the Aussie flag in favour of the above design.
Ausflag a not-for-profit group made up of high-profile people including Janet Holmes a Court, TV presenter Ray Martin and author Peter FitzSimons has unveiled this new design for a national sporting flag and are planning to fly it at major sports events.
The group will lobby sporting bodies and fans to embrace the new flag, and will even campaign for it to be raised at the official flag in Olympic Games medal ceremonies.
At present, the new pennant is being pitched for sporting use only but Ausflag hope it will become so popular it will replace the official Australian flag for all uses.
"This new design is a sporting flag, but our aim eventually is to change the Australian flag," Ausflag chairman and former NSW Nationals MP Robert Webster said.
But the Australian National Flag Association has rejected the call for a new flag, saying a change would be "unnecessary".
The Australian people largely seem to agree, branding the proposed sporting flag "rubbish" and claiming any new flag would be an insult to our forefathers.
"If you don't like Australia's flag then leave and go to a country whose flag you like," one reader wrote. "Thousands of people fought and died under our flag and because of this it needs to kept as it is. To change it now would be an insult to all those men and women who have fought and died for our freedom under it."
Another agreed, posting: "Disgraceful, an ugly flag that will cost taxpayers a fortune to change and spit in the face of the soldiers who have fought under our flag and the sportspeople who have won under it!"
Former Olympian Rodney Clarke shared this opinion, writing: "Why change the flag? When I competed at the Olympics I did so wanting to see my country's flag get hoisted up the pole not an imitation. This is really bizarre."
The new design wasn't completely rejected however, with several people on the Ausflag Facebook page coming out in support of the controversial design.
"Love it. Simple and recognisable. I'd salute that," Greg Eccleston wrote.
"I like this one, simple, represents Australia, not an eyesore, great colour scheme, looks professional, David C Tlsatname agreed.