This is a classic Mylar Balloon. It was likely found at party shops in the mid 1990s. It has 'getting ready to run' Sonic as a large graphic, and then stock arts for Robotnick, Knuckles Tails & even Sally around the edge, with colored checkers. There's a 'speed streak' running…
Here is a Pajama/PJ top with a nice modern design. It uses silvertone ink for a starburst behind jumping Sonic. This may have been released in more than just Australia.