Green’s Dictionary of Slang

break-up n.

[break up v. (2)]

(Aus.) anyone or anything considered highly amusing or risible.

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[Aus]K.S. Prichard Coonardoo 306: Who do you think I saw in the port, the other day? Coonardoo! And you never saw such an old break-up.
[Aus]Baker Popular Dict. Aus. Sl.

In phrases

on the break-up (adj.)

(US und.) of an enterprise, e.g. a brothel, risking suppression by refusing to offer bribes to the police.

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[US]‘A.P.’ [Arthur Pember] Mysteries and Miseries 59: ‘Staked the captain? ‘No. We’re on the break-up.’ ‘Staked the beat?’ ‘Yes.’ ‘Heavy?’ ‘Five dollars a night’ .