Vegemite is the most common one that ‘foreigners’ discover, and more often than not, hate! No matter how many people tell you it’s disgusting you should try it at least once. It’s an acquired taste..So what is Vegemite? Vegemite is a dark brown paste made from various vegetables, yeast extract and spice additives. The most popular way to eat it is on toast with butter. Australian’s also eat it with avocado, melted cheese or tomato. I thought it would taste like syrup, but it tastes very salty and not sweet at all. Best way to eat it is with loads of butter and a thin spread of vegemite.