In 1983 the boxing kangaroo received national and international prominence when it served as the symbol for the successful Australian challenge for the America's Cup, where the boxing kangaroo flag, a red-gloved golden kangaroo on a green background, was flown from the yacht Australia II. Alan Bond (owner of the Australia II yacht) owned the image and licensed it for mass production. The image was later bought by the Australian Olympic Committee, and is used as a mascot to represent the Australian Olympic team and to promote sport and fair play in schools

2010 Winter Olympics controversy

Leading up to the 2010 Winter Olympics, the International Olympic Committee ordered the removal of a two-story high Australian boxing kangaroo flag which had been draped over a balcony in the athletes' village by Australian athletes. The IOC ordered the flag to be taken down as they believed the symbol to be "too commercial" as it is a registered trademark (albeit of the Australian Olympic Committee, a non-profit organization).
The IOC subsequently drew widespread criticism for its request, including from Deputy Prime Minister of Australia Julia Gillard who came out in support of the athletes, declaring that the IOC made a ridiculous decision by ordering the flag's removal. The Australian team later decided they would only take down the flag upon receiving a formal written request for its removal.
On February 8, 2010, after a meeting between IOC president Jacques Rogge and Australian Olympic Committee president John Coates, it was agreed the green and gold flag featuring a kangaroo wearing boxing gloves could stay. "The IOC has a clean venue policy in order to protect the commercial rights of its sponsors,” Coates said, "but clearly on this occasion Australia was not trying to ambush either the IOC or VANOC

Reference: http://en.wikipedia.org/wiki/Boxing_kangaroo