The week after classes end before the exam period begins the following Saturday. Depending on who you ask, it's a combination of "study without teaching" and "vacation", or "swot" means "to study". Either way, it translates to "study vacation" and usually involves students spending even longer hours at uni than usual (at least in some faculties).
At the eastern Aussie unis, the end of semester 2 coincides with the blooming of jacarandas, a purple flowering tree that we dedicate the Bloom Festival to at UQ. There are many decades of folklore about needing to study by the time the jacarandas bloom (originating from USyd ) and superstition that being hit by a falling blossom means you will fail your exams.
Better hope the jacaranda blossom doesn't fall on your head, or swotvac won't be enough to save you from failing your exams.