It may not quite satisfy a pilot's need for speed, but the Air Force's latest aircraft will patrol the skies above the national capital for the Canberra Balloon Spectacular.

The RAAF's new balloon is shaped like a fighter pilot helmet complete with visor, oxygen mask and oxygen hose.

Chief of Air Force Air Marshal Leo Davies said it was designed to inspire an interest in aviation among young people.

"While hot air balloons are one of the oldest forms of aviation, they still attract a huge amount of interest from the general public and schools and pique a fundamental interest in science and technology," he said.

The RAAF balloon will head to the Illawarra region and the Gold Coast after the festival. ( RAAF )

Air Marshal Davies said the new balloon would travel all over Australia after making its debut in Canberra.

"With the replacement of the old balloon, there was an opportunity to create a new, custom, modern design to inspire a new generation of Australians to learn about aviation and their Air Force," he said.

Up, Owlbert Eyenstein balloons

The RAAF balloon will join more than 40 others for the 30th Canberra Balloon Spectacular starting on Saturday.

This year's line-up includes Owlbert Eyenstein, a larger-than-life cartoon owl from Bristol in the UK.

Owlbert Eyenstein has flown in from the UK for the festival. ( Supplied )

There is also a balloon inspired by the Disney movie Up, in which thousands of helium balloons lift a house into the air and off on an adventure.

The balloons will launch from the lawns of Old Parliament House from 6:15am each morning of the nine-day festival.

It is the biggest hot air balloon festival in Australia and is rated among the top five in the world.

Flight director John Wallington said there were few festivals in which spectators could get so close to balloons on the launch field.

"The fact that we fly from right in the centre of the city over the city and we welcome the public among the balloons, makes it a very, very unusual atmosphere and it is a unique event," he said.

"There are lots of balloon events [around the world] but there are none quite like this."

Mr Wallington said Canberra also offered a stunning vista from the air.

"We have lots of parklands, lots of green belts to land in," he said.

"We have a fantastic variety of scenery with a spectacular central Canberra and then within all the satellite cities of Canberra there are lots of little lakes and lots of gardens and parklands.

"And then we add the location of Canberra in this basin surrounded by farmland and the Brindabellas in the background."

Balloons over Canberra during the 2015 festival. ( Supplied: Royal Australian Air Force )

Mr Wallington said ballooning was all about trying to predict and utilise the weather.

"We are affected 100 per cent by the weather and we go where the winds take us," he said.

"While you can plan your flight on the basis of the weather forecast, you can't be 100 per cent certain when you take off exactly where you're going to land."

A highlight of this year's spectacular is a balloon inspired by the Disney movie Up. ( Supplied )

Mr Wallington said flying a balloon was not difficult but navigating one was a challenge.

"In its simplest form you turn the burner on to go up and don't turn the burner on to come down; the balloon heats and cools," he said.

"Then there are lag times between when you do turn the burners on and off that takes a while to master, because you have a very large mass of air contained within the envelope of the balloon which has to get moving.

"But the real art of ballooning is utilising the weather to go in particular directions and different altitudes."

And it is the view from the air that makes ballooning rewarding.

"Here you are up in a craft that's open all around you, big picture windows," Mr Wallington said.

"You can sort of swoop down and come through the treetops and pick leaves from the tops of the trees; you can drop the bottom of the basket into the lake and skim along the water; you can climb high.

"Except when the burners are on, it is quiet and you can talk to a bunch of people in a relaxed environment.

"It's a sort of a magical sensation.

"It's a type of flying that's unlike any other type of flying."