My bad thought it was 49 Para with attached Queen's Ganja Rifles
You're both wrong. It's a stylized drawing of a Dual-Purpose Individual Long-Range Deceptive Object (D.I.L.D.O.). This patch was designed by Cyril Clunge who drew it for the first time on a piece of ass wipe directly after him being the second man on the balcony during the famous storming of the Tasmanian embassy. Clunge, who became famous for his exploits with the ill-fated Alpha Two Zero patrol, was indeed the weapons and tactics adviser on Michael Bay's semi-fictional work 'Transformers'.