Rumors of the object being a meteorite began circulating, according to the Bendigo Advertiser. Others said the object belonged to UFOs, or that perhaps the object was from the CIA.
But the mystery was brought to a close as officials stated that the object was a a package attached to a parachute.
"It weights about one ton and was traveling at 300 knots," Australian Skydive Bridgewater director Ralph Hamilton-Presgrave said. "So while there was no explosion, there was a big 'whoomp' when it hit the dirt."
The parachute was undergoing tests, a routine part of industrial development. Permission to conduct the test runs was granted by the Civil Aviation Safety Authority.
"We take it up in a helicopter to about 9000 feet, we drop it and it freefalls, then it goes through a staged opening sequence, the parachute opens and it lands safely," Hamilton-Presgrave said.
Hamilton-Presgrave said his team acted within the parameters outlined by the Civil Aviation Safety Authority, and that the general public was not in danger.
Test monitors stood over 3,000 feet down the road in either direction.
"They had two way radios and if anyone had been coming we would have called the test off," he said. "There are no buildings around and there was no danger in this test."
While the test results were less than perfect, Hamilton-Presgrave and his team have already tested an improved version of the parachute.
"That's why we go through a testing process," he added.
The parachute landed less than one-eighth of a mile from the company's location.
Australian Skydive, the company, boasts over 50 years of skydiving experience within their team, and over 45,000 jumps combined.