The Yellow Peril
is the more common name for "Vault" - a huge yellow sculpture
by artist Ron Robertson-Swann
that was placed in Melbourne's City Square
The massive steel eyesore was quickly relocated to the Batman Park on bank of the Yarra River amid public outcry. Nowadays it resides in Southbank and remains the sculpture Melburnians love to hate.
Nowadays it's frequently covered in graffiti. It's seen use as a shelter for the homeless, and creative motorists have even used it as a place to shelter their vehicles from the elements.