... The Big Cig.
And yes, it is a factory chimney (of the Tobacco Co-op in Myrtleford, Victoria) which means that like everything else the bloody thing is upside down and would have looked like someone lit the filter end. Sadly Australia's tobacco industry has been killed off and buried and after standing empty for a while the buildings are now a flour mill, the chimney having apparently been repainted a while back. Presumably it was thought to give the whole state 4th hand cancer or something just from looking like a giant cigarette, but probably the real reason was that knowing it was there was giving the antis conniptions.