The former X Factor judge posed alongside the figure, which took 60 sculptors more than 800 hours to perfect.
Minogue said: "I'm astonished by the accuracy, fine detail and remarkable likeness. I think back to all the times I've been busy and needed to be in two places at once - wow, now it's true."
Adding that it was "freaky" to see it up close, she said: "I can't wait for my family, friends and everyone to come to the Sydney attraction and see me up close."
The waxwork is dressed in the outfit that the singer wore to the National Television Awards 2010, just after announcing that she and Kris Smith were expecting their first child together.
"This is such an incredible experience for me, as it was a moment in time that holds such special memories when Kris and I had just announced my pregnancy," Minogue explained.
Playfully hugging it, she added: "This is where the little bump was inside."
Madame Tussauds will feature more than 70 figures - including Hugh Jackman and Nicole Kidman - when it opens its first Australian attraction in May.
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