The Boeing 737-800 also wears the logo of Australia's Prostate Cancer Foundation on the side of the plane.
Members of Australia's rugby The Wallabies team were there to help unveil the aircraft.
The founder of Movember said the campaign started a decade ago in Australia as the result of a bet in a pub. He now hopes to see a million mustaches around the world drawing attention to men's health issues.
"Having the Qantas Wallabies growing mustaches, having an airplane in the sky flying around with a mustache is amazing," Betts said. "We know that guys traditionally haven't spoken about men's health issues so it's really important that these guys here become walking, talking billboards for men's health and get that men's health message out there."
The international agency for research on cancer says prostate cancer is the second most-common cancer in men after lung cancer.
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