AN MLG FLC LNDG AT AUS EXPERIENCED A LOW FLY OVER BY A SMALL ACFT; LNDG IN FRONT OF THEIR ACFT ON SAME RWY; WHILE STILL EXCEEDING 100 KTS ON ROLL OUT.

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SHORTLY AFTER TOUCHDOWN; A SMALL ACFT FLEW DIRECTLY OVER US AND THEN DOVE FOR A LNDG BEYOND US ON THE SAME RWY. WE HAD JUST LOWERED THE NOSEWHEEL AND WERE STILL GOING WELL OVER 100 KTS. AS FAR AS I KNOW; AUSTIN TWR NEVER TOLD HIM TO GO AROUND AND THERE WAS NO EMER WITH THE ACFT. THIS WAS A VERY UNSAFE OP. I CAN THINK OF SEVERAL THINGS THAT COULD HAVE HAPPENED THAT WOULD HAVE CAUSED A MAJOR DISASTER. IF WE WERE TO EXECUTE A GO AROUND AND CLBED INTO HIM; IT WOULD HAVE BEEN OVER. IF HIS ENG WERE TO QUIT HE COULD HAVE HIT US OR WE COULD HAVE RUN INTO HIM. THIS IS NOT AN AIR SHOW; AND IF I WERE TO SEE THIS AT OSHKOSH IT WOULD HAVE SURPRISED ME. THIS PLT WAS VERY CARELESS AND PUT THE LIVES OF MANY PEOPLE AT A SEVERE RISK. CALLBACK CONVERSATION WITH RPTR REVEALED THE FOLLOWING INFO: THE RPTR RECALLED AN ATC CLRNC TO REMAIN AT OR ABOVE 2000 FT UNTIL TURNING FINAL FOR THE VIS APCH BUT DID NOT KNOW IF THE SMALL ACFT TFC WAS THE RESTRICTING FACTOR. THE RPTR STATED THAT HE BELIEVED THE CTLR; THE PLT; OR BOTH; MADE A SERIOUS ERROR IN JUDGEMENT DURING THIS INCIDENT. THE RPTR CONFIRMED SMALL ACFT FLEW DIRECTLY OVER HIS ACFT; DOVE DOWN WITH FLAPS AND GEAR EXTENDED AT A VERY LOW ALT; AND LANDED IN FRONT OF HIS ACFT AS THEY WERE COMPLETING THE LNDG ROLL. THE CTLR USED THE TERM 'AIR TAXI' WHEN REFERRING TO THE SMALL ACFT'S OVERFLT; DURING QUESTIONING BY THE RPTR. THE 'AIR TAXI' TERM WAS UNFAMILIAR TO THE RPTR; EXCEPT WHEN REFERRING TO HELI OPS. THE RPTR INDICATED THE SMALL ACFT WAS LIKELY ON A DOWNWIND BETWEEN THE PARALLEL RWYS; BUT UNCERTAIN OF ANY SPECIFIC ATC RWY ASSIGNMENT.