Green’s Dictionary of Slang

(Aus.) the vagina; thus a general insult.

1983		R. Aven-Bray Ridgey-Didge Oz Jack Lang 25: Drop Kick Drop kick and punt (vagina).
1985		R.G. Barrett You Wouldn’t Be Dead for Quids (1989) 197: It’s a dick [...] It’s definitely not a dropkick, mate. Definitely not a snatch.
1999		G. Seal Lingo 119: The rhyming slang terms [...] drop-kick and punt – cunt and the relatively recent dip-stick (dip-shit is a common variant) which is also rhyming slang for prick (as is drop-kick), can be used by themselves as fairly grievous male insults.