Green’s Dictionary of Slang

fray bentos adj.

[pun on pron. Fr. tres bien; ult. Fray Bentos, a brand of meat pies]

(Aus. milit.) very good.

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[Aus](con. WWI) A.G. Pretty Gloss. of Sl. [...] in the A.I.F. 1921–1924 (rev. t/s) n.p.: fray bentos. Very Good. A brand of preserved meat. The phonetic similarity between the first words of this name and the French ‘Tres Bein [sic]’ caused its frequent use in place of the latter.