Absolutely no chance. Impossible.
An abbreviation of the common Australian phrase "You've got two chances - Buckley's and none". The full phrase is so well known in Australia that finishing the sentence has become redundant in most circles.
Buckley's chance refers to ALMOST zero chance of success. By dividing Buckley's chance with a second possibility of no chance means, via simple mathematics, that the topic of discussion is impossible.
Red-headed bloke: "Hey Shorty, see that glamour at the bar? I'll take her home tonight and smash her box in".
Tall bloke: "Fuck off Blue. You've got Buckley's chance. You've got a head like a dropped pie".
Red-headed bloke: "C'mon mate. I must be some hope?"
Tall bloke: "Nup. Two chances".
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