Green’s Dictionary of Slang

(Aus.) the end of a job.

1907		Lone Hand (Sydney) July 276/2: At the end of the sixth week, and within ten days of the cut-out, the tucker-bill was down to a neat 13s.
1914		Bulletin (Sydney) 26 Nov. 13/4: He had been at the ‘cut-out’ of one of the sheds down the river, and had ‘clean forgot’ to take a bag.
2006		Age (Melbourne) 6 Jan. 🌐 The cutout came late in the afternoon.