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M

Maccas (pron. "mackers") : McDonald's (the hamburger joint)
Mad as a cut snake : an insane person; psychotic; deranged
Mad as a meataxe : an expression to denote complete stupidity
Mallee bull, as fit as a : very fit, healthy and strong. The Mallee is very arid beef country in Victoria and South Australia.
Manchester : Household linen, eg. bed sheets, etc.
Mangy : sellfish, stingy, lousy
Mappa Tassie : map of Tasmania - a woman's private area
Mate : friend, pal, buddy, companion
Mateship : friendship; comradeship
Mate's rate, mate's discount : cheaper than usual for a "friend"
Matilda : swagman's bedding, sleeping roll
Metho : methylated spirits
Mexican : a person from south of the Queensland or New South Wales border
Mick : Roman Catholic
Mickey Mouse : excellent, top-notch, very good. (But, in some parts of Australia it means the opposite, not very good at all)
Middy : 285 ml beer glass in the state of New South Wales
Miffed : annoyed; offended; not very happy at all
Milk bar : corner shop that sells takeaway "to go" food
Milko : milkman
Mini moke : See "Moke"
Mintie : a popular brand of candy mint
Mob : a large group of people, but not necessarily troublesome
Mob : family or herd (?) of kangaroos
Mongrel : a rotten or despicable person
Moke : a small jeep that was built by British Leyland
Moolah : folding money
Mondo cactus : completely destroyed, of no further use or value
Moreish : tasty, pleasant to the palate
Morteen : a well known brand of insect spray
Morton bay bug : a delectable lobster found in Morton Bay queensland
Mozzie : mosquito
Muck up (or) around : act a goat, act a fool, play up
Muddy : mud crab (a great delicacy)
Mug : friendly insult ("have a go, yer mug"), a gullible person
Mug lair : a bothersome show-off. A popular term applied to a young man in a hottie (flashy car). See also "Lair"
Mull : grass (the kind you smoke)
Mulga : an unusual word to describe or represent an unfamiliar place or area. E.g> "I dunno mate! it's somewhere out in the mulga!"
Muso : a musician
Muster : to round up sheep or cattle
My bloody oath : an intensified and offensive version of "My Oath!"
My pleasure : you're welcome
Mystery bag : a sausage