Mirrorball's epic win comes following the well-known betting website Sportsbet correctly guessing they would take out the win, with odds currently having placed at $1.20.
They also correctly guessed that Mirrorball was Melody Thornton, who had odds sitting at $1.25.
Among some of the other stars to join the bonkers reality series in 2022 included Neighbours star Ryan Moloney as The Knight, Lisa Curry as Caterpillar, former Wiggles icon Emma Watkins as Zombie and Shannon Noll as Blowfly costume.
This season also marked the first appearance for three panellists – Abbie Chatfield, Chrissie Swan, and Spice Girl Mel B.
All three women proved themselves to be excellent guessers when it came to cluing in on the identities beneath the many masks.
And the returning judge, Dave Hughes, kept us entertained with his interesting guesses, which ranged from Stevie Nicks to David Hasselhoff.
Following the announcement, host Osher Günsberg took to Twitter to thank fans for watching this season.
"This has been the MOST fun," he wrote. "To have an audience again was wonderful. Mel, Dave, Chrissie & Abbie are supreme to work with. The hundred or so crew off camera are all the bEST in the business. To work every day on a show so fun is an honour. Thanks for watching.
Previous winners of The Masked Singer have included international pop star Anastacia, Australia's own Cody Simpson, as well as singer and actress Bonnie Anderson who wowed fans as the Bushranger a season later.
Now, Melody has joined them in the Masked Singer hall of winners. Congratulations Mirrorball!