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fly's eyes
When males have their pants pulled up too high (high-pantsing it), or their pants are too tight, the outline of their 'package' resembles the big eyes of a blowie, hence 'fly's eyes': Change your pants - I can see your fly's eyes in those ones.
Contributor's comments: I once lived with some Melburnians who used this term differently. To them it meant to hang the nads out of your undies - one on each side - and run about terrorising people with the spectacle. They thought it was one of the funniest things going.