Green’s Dictionary of Slang

(Aus. Und.) to fail in an endeavour, e.g. an act of shoplifting.

1944		P. Kendall Dict. Service Sl. n.p.: dipped . . . failed.
1945		D. Bolster Roll On My Twelve 20: There was old Blackie tryin’ to pass for ’is Q.R.2. on’y ’e dipped.
1975		Bulletin (Sydney) 26 Apr. 45: Well, You wouldn’t want to know, we dipped on three morals today.