This is Lizzy Gardiner, Australian costume designer, winning the Oscar for her work on The Adventures of Priscilla, Queen Of The Desert.
en.wikipedia.org/wiki/American_Express_Gold_card_dress_of_Lizzy_Gardiner
How they can call this ‘one of the worst Oscar dresses of all time’ is beyond me. It’s witty, outrageous, and entirely in keeping with the spirit of the film.
seen variations of this at many a con, usually magic or pokemon cards