Green’s Dictionary of Slang

compo n.

[abbr. + -o sfx (3); note WWI milit. compo, pay; money]
[1920s+] (Aus./N.Z.)

1. workers’ compensation, payment for time lost after an injury at work.

2. attrib. use of sense 1.

3. a compositor.

4. any form of compensation; also attrib.

In derivatives

compo-itis (n.)

[1940s+] (Aus./N.Z.) the counterfeiting or extension of one’s disability in the hope of gaining more compensation payments.

In compounds

compo artist (n.) (also compo king) [-artist sfx/-king sfx]

[1940s+] (Aus./N.Z.) one who is a specialist in the extraction of monetary compensation by faking or exaggerating their supposedly work-related injuries.