Green’s Dictionary of Slang

(Aus.) uncommitted, indecisive.

1950		Argus (Melbourne) 17 May 6/1: The bill [...] was described [...] as a ‘tortuous compromise’ and as a ‘two bob each way’ recommenation .
1954		Advertiser (Adelaide) 26 May 2/3: Election Levy by Watersiders. To the Editor. Sir—Is it a case of ‘two bob each way’ with the watersiders?
1962		Aus. Women’s Wkly 14 Feb. (Supp.) 38/4: But if you didn’t make a firm refusal and did a kind of two-bob-each-way job, [...] you cn do nothing.
1967		‘Whisper All Aussie Dict.’ in Kings Cross Whisper (Sydney) xli 4/5: two bob each way: To be on both sides at once. Playing two ends against the middle the Queensland Trade-Hailers in their ‘wishy-washy’ 2-bob each way, attitude.
1973		M. Harris Angry Eye 186: I suspect our elegant French trading friends are having two bob each-way in the Australian sex-aid market.
1984		Age (Melbourne) 16 July 12/7: Mr Hawke has gone down in my estimation also, he seems to want two bob each way on this one [AND].
2003		McGill Reed Dict. of N.Z. Sl. 27: two bob each way, Hedging your bets, acting indecisively ANZ.