"Champagne punk" simply infers that it is punk of the highest calibre, deriving from the saying, "a champagne moment" that means a very fine moment indeed. More often referred to in terms of comedy, for example David Letterman's fan site is called 'champagne comedy'.
"Champagne punk" (adjective) should not be confused with Chardonnay Punk(group noun). Champagne is a symbol of celebration for the middle and lower classes, whereas chardonnay which is traditionally associated with the upper classes has been used derogatorily to describe rich left wing persons that self-identify with the working classes, i.e.: "That chardonnay sipping hippy!".
This confusion is somewhat understandable due to the existence of the term champagne socialist, however because most punks do in fact come from middle class backgrounds, the comparison doesn't stand up on close examination. To confuse these two terms is not necessarily indicative that one is a dumb punk. However, it would be more accurate to instead refer to particularly socio-economically disadvantaged people who are members of the broader punk scene as gutter punks, to avoid ambiguity.
"That show rocked."
"Champagne punk at its best, mate."
Australian accent affectation of 'baby' referring to a baby of either gender in an affectionate way.
"Awwww.... who is a cute liddle bubby then? You are! Yes you are!"
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