The list of words and expressions below is taken from a list (with some modifications and corrections) prepared by Susan Smith, an American living in Australia. Others have been added.
Not every slang word is included, but it will give you some idea of what some terms mean.
A|B|C|D| E |F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|X|Y|Z
A
ACE: Great, the best. For example: "She's ace!"
AMBO: Ambulance, Ambulance driver
ANKLE BITER: Small child
APPLES, SHE'LL BE: It'll be all right
ARVO: Afternoon
AUSSIE - Pronounced "Ozzie": Australian
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B
BARBIE: Barbecue (noun)
BARRACK (FOR): to cheer for in a boisterous manner (usually a sports team)
BATHERS: Swimming costume
BEAUT/BEAUTY/BEWDY!: Expression of approval
BIKKIE: Biscuit
BLOKE: Average male
BLOODY: Known as the great Australian adjective
BLOODY OATH: That's certainly true
BLOWIE: Blow fly
BOB'S YOUR UNCLE: everything's okay; everything's fine
BOGAN: one who lacks fashion sense
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C
CAKKING: Laughing very hard
C'ARN!: Abbreviation of come on, can be heard at any Aussie sporting event
CHARGE LIKE A WOUNDED BULL: Set excessively high prices
CHIPS: French fries
CHOOK: A chicken
CLUEY: Intelligent, smart
COBBER: Friend
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D
DINKUM: Genuine, real
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F
FULL ON: Intense
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G
G'DAY: Common Australian greeting, most likely to be used by men
GOOD ON YOU - Usually pronounced “goodonya”: Expression of congratulations or approval
GOOG: Egg
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M
MATE: Common form of address which is more common between males
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R
RACK OFF: Push off, get lost, get out of here
RAGE: Party
RIPPER: Terrific! great!
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S
SANGER: Sandwich
SHE’LL BE RIGHT: It will be OK
SHOCKER: Something that is distasteful or disliked
SPUNK: Sexy or good-looking person
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T
TA: Thank you
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U
UNI: University
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Y
YONKS: A long time, ages. For example: "Haven't seen you for yonks!"