It looks like a fake to me...but I guess it could be "real silver" just not really from Perth Mint?
Hallco
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I had the 2001 example of this one mainly because I had 2 budgie parakeets at the time of release and it reminded me of them. Just saw this one on Ebay it looked odd. This one is the one that looks questionable(at least to me not mine or my auction)....
And this is the original(photo courtesy of Apmex just for comparisons)
Am I correct in my thinking....or do I owe the birdies and her majesty an apology? 
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Looks like HRH got a butt whuppin on the face. May be lighting, but I would pass. Pay more at Apmex, at least it won't be fake. Apmex does well enough selling the real thing to risk getting caught selling a counterfeit. Earrings look wrong too.
Definitely looks strange !!!
It looks ok, but hard to tell with the lighting. Like what was said, don't skimp.
It’s real.
It's real. Hard to compare two coins when the lighting is totally different.
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"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Thanks everyone. I'm not planning to buy it either way. I just saw it and it looked off but yes I agree with @PerryHall ...I didn't take into consideration the lighting aspect.
They definitely appear different... probably lighting... the second looks proof and the first a business strike.... but the difference in earrings is significant... Cheers, RickO
I don't like "The Australian" text on the top one, that's the only thing that really made me look. But these and the Koalas can look way different at angles and with lighting variances.
It's real. As others have said, the lighting makes a huge difference.
Yup. Went and grabbed mine. Same coin, different angle/light.
It looks real to me, too.
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Those blokes from down under do a nice job on their coins.
I knew it would happen.
Funny thing about the kookaburras, the proof coins (which are no longer made) had a different design than it's business strike counterpart the years that they were produced... i.e. 1990 proof bears the image of the 1991 business strike.
Check it out... 2001 proof kookaburra
It's all about what the people want...
Oh yeah... OPs coin looks legit IMO
It's all about what the people want...
Very cool! I have never seen one of those and didn't realize that there were proofs! Thank you for posting this!
Yes. I think we have come to the agreement that the lighting differences made it appear to look odd.