Green’s Dictionary of Slang

1. (Aus.) a male homosexual [rhy. sl. = queen n. (2a)].

1999

G. Seal Lingo 91: Then there are those things that form the basis for still more distinctively Australian rhymes, including: [...] baked bean for queen (male homosexual).

2. a sexual encounter [rhy. sl. = scene n. (5)].

2000

J.J. Connolly Layer Cake 97: I’m about to press the little green button to connect me to her number, to arrange a little baked bean.