Australian Handshake

A homosexual greeting where one male grabs and uses a handshaking motion on another male's penis. The other male responds by returning the action to the first male, thereby "handshaking" one another.

Since the homosexual action is taking place below the belt aka "Down Under," it is referred to as an Australian Handshake.

Lance:
Nice to meet you!

Gary:
Nice to meet you too!

Lance:
Instead of shaking hands right now, let's Australian Handshake!

Gary:
G'Day!!

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Australian Handshake

When a boy or girl is receiving a hand job or being fingered. This can include the Australian Kiss.

"Man, she gave me the best Australian Handshake!"

"The sex wasn't great, but he sure can give an amazing Australian Handshake"

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Australian Handshake

When a man and woman contract their pelvic floor muscles during penis-in-vagina intercourse, causing the vagina to tighten and the penis to harden at the same time, thereby squeezing down on each other as if to perform a handshake. Called “Australian” because it occurs “down under”—beneath the belt.

Johnny: Tiffany and I just completed our business transaction with an Australian Handshake!
Ted: Why was it an Australian Handshake?
Johnny: Because she was a prostitute.