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L

Ladder : a flaw or run in a woman's nylon stocking
Lair : a snazzy, flashily dressed younger man of brash and vulgar behaviour, to dress up in flashy clothes, to adorn or dress-up someone or something in bad taste
Lair it up : to behave in an unruly, brash and vulgar manner
Larrikin : lout, harmless prankster, a bloke who is always enjoying himself
Laughing gear : Clothes or a person's clothing
Lay by : layaway
Left for dead : to outclass, exceed or transcend
Lend of, to have a : to take advantage of somebody's gullibility, to have someone on ("he's having a lend of you")
Like a possum up a gumtree : extremely happy; in good spirits
Like a shag on a rock : lonely; someone stands out in a crowd
Like a stunned mullet : bewildered; almost lazy, inactive; sluggish; listless
Like a two bob watch : worthless, little value, act in an erratic or crazy manner
Like billyo : very energetic, full of energy, with great gusto
Like the clappers : fast as, (eg: The old ute still goes like the clappers)
Lippy : woman's lipstick
Liquid gold : beer. See also "Amber Nectar"
Lifesaver : lifeguard
Liquid laugh : throw up, vomit
Lizard drinking, flat out like a : flat out, extremely busy
Lob, lob in : drop in to see someone usually unexpected ("the relatives have lobbed")
Lollies : sweets, mint candy
London to a brick : without a doubt, absolute certainty ("it's London to a brick that petrol won't go down")
Long paddock : the side of the road where livestock is grazed during droughts
Longneck : 750ml bottle of beer from South Australia
Lord muck : top dog, chief, ruler. See also "King Dick"
Lovely linder : an inflatable doll
Lucky Country, The : Australia, where else?
Lunch, who opened their? : OK, who passed wind, farted?
Lurk : illegal or underhanded racket
Lyre-bird : a person who constantly tells lies