Former Playboy bunny Anna-Nicole Smith has bared almost all at the MTV Awards in Sydney - pulling her dress down to her waist to expose her 32DD-size breasts.

While presenting an award, Smith pulled down her pink and silver dress, exposing her breasts - before turning around to tease audience members with a glimpse of the top of her G-string.

Her nipples were covered by MTV stickers.

Her actions follow controversy at last year's American Music Awards, where Smith was escorted off stage after rubbing her chest with her hand and asking the audience if they liked her body.

In Sydney last night, officials allowed Smith to remain on stage, alongside her co-presenter, pro surfer Kelly Slater.

Her antics came as she presented the Video of the Year award to Australian outfit The Dissociatives.

As the band's lead singer Daniel Johns went to receive the award, the half-clothed Smith jumped on him, wrapping her legs around his waist.

Johns sang with a smile: "Dancing with Anna Nicole, dancing with Anna Nicole."

Later, at a press call in the media room, she again exposed her breasts - this time without the MTV stickers.