Green’s Dictionary of Slang

squatter’s daughter n.

(Aus.) water.

1912		Sport (Adelaide) 24 Aug. 14/1: They Say [...] ThFreddy, the uayJiack, has returned; probably he was lonely, and wished to seethe ‘Squatter’s (or some one else’s) Daughter’.
1952		Argus (Melbourne) 13 June 4s/1: If the squatter’s daughter’s cast iron pot, I’ll have a fairy bower, but if it’s soldier’s bold I’ll have a lemon squash.
1967		‘Whisper All Aussie Dict.’ in Kings Cross Whisper (Sydney) xxxix 4/5: squatter’s daughter: Water. Sometimes shortened to squatters.
1972		Dodson & Saczek Dict. of Cockney Rhy. Sl.
1983		R. Aven-Bray Ridgey-Didge Oz Jack Lang 9: ‘I’ll have a fine and dandy with a spot of squatters daughter, please,’ he said to the female jump.
2002		Pete’s Aussie Sl. Home Page 🌐 squatter’s daughter: water.