Green’s Dictionary of Slang

currant cake adj.

[rhy. sl.]

(Aus./N.Z.) awake, aware; one who is aware.

[Aus] ‘Whisper All Aussie Dict.’ in Kings Cross Whisper (Sydney) xxxiii 4/4: currant cake: Awake.
[Aus]R. Aven-Bray Ridgey-Didge Oz Jack Lang 22: Currant Cake Awake.
[NZ]D. Looser Boobslang [U. Canterbury D.Phil. thesis] 50/2: currant cake adj. and n. awake, aware, informed.