Green’s Dictionary of Slang

1. (Aus.) a procurer; thus a general insult.

1901		Register (Adelaide) 11 Oct. 8/3: My cheese ran into punse Bell the ither [sic] day, and the first thing he said was I had a fellow who would go bail for your husband, but I did not know where to find you.
1914		Sport (Adelaide) 10 July 4/4: Herb McA didn’t look a big poonce at all when Eric K beat him for his girl .
1960		A. Buzo Front Room Boys Scene xi: Shut your big gob, you pie-faced poonce.
1969		A. Buzo Rooted III iii: Hey poonce features! Are you there?
1977		D. Powis Signs of Crime 197: Punce Variation, by pronunciation of, ‘ponce’.
1999		G. Seal Lingo 104: The following general terms of insult were in common use among [...] Sydney schoolgirls in the late 1970s: trog, dapto, mang, poonce (continuing an earlier usage) and nerd, the last being still in use with this age group.

2. (Aus.) a catamite; a male homosexual prostitute.

1918		Williamstown Advertiser (Vic.) 5 Jan. 3/4: They went into the billiard room where they saw John Edward Hewitt, who said they were a pair of ‘b—— poonces’.
1941		Baker Popular Dict. Aus. Sl. 57: PUNCE (pronounced with a short vowel as in ‘book’): An effeminate man, a homosexual.
1951		Chadsey, Morris and Wentworth Words: The New Dict. 645/2: punce n. An effeminate male.
1972		B. Rodgers Queens’ Vernacular 111: a male prostitute [...] poonce (pej, Brit). [Ibid.] 165: homosexual [...] ponce [punce] (Aus & Brit sl).
1977		J. Ramsay Cop It Sweet 72: POONCE: Effeminate male homosexual. Sometimes PONCE.
1979		Maledicta III:2 220: The boys are hustlers, models, rent, ponces, though The Queens’ Vernacular may be wrong in more than the spelling poonces because I always thought a ponce was a pimp and not a pee-pee, crack salesman, kid on the game, etc.
1999		G. Seal Lingo 114: While gay has become the accepted mainstream term, the vernacular is still full of other, less positive terms, such as [...] ponce (also meaning pimp, punce) and the now totally out-moded homo.

3. the vagina.

1941		Baker Popular Dict. Aus. Sl. 57: PUNCE (pronounced with a short vowel as in ‘book’) [...] (2). The female pudend.
1966		Trimble 5000 Adult Sex Words and Phrases.
1969		A. Buzo Rooted (1973) 89: Poonce features! Are you there?