This article is from the soc.culture.australian FAQ, by Stephen Wales with numerous contributions by others.
Macquarie:
1. "wank" v.i. colloq. to Masturbate.
2. "wank oneself", to maintain an illusion; deceive oneself. 3. an act
or instance of masturbation 4. a hobby: /flying is his wank/ 5.
behaviour which is self-indulgent or egotistical. 6. "wank wank",
/Colloq./ (an exclamation indicating an ironic dismissal
of some previous statement).
[orig. uncert.] -wanker, /n./
 
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