Attached Link: http://www.liveleak.com/view?i=87d_1195946266

It's a popular way of saying, "That's fine," or, "OK", down under, though not exclusively there.  I myself am no Australian, but I worked with an ex-pat Aussie for a while and he habitually said that.

I suppose we'll get a load of Aussies now posting that they've never heard of it.

Stubbies are short beer bottles (and also tiny little shorts)

:laugh:

PS: Check the link for a good cat-related laugh..