Green’s Dictionary of Slang

1. (Aus.) a prostitute who prefers Aborigine clients [refers to sexual exploitation of female Aborigines].

1951

Cusack & James Come in Spinner (1960) 202: Bloody boong-molls make me sick.

2. a passive male homosexual.

1965

Guild Dict. Homosexual Terms 22: homosexual (n.): One with a sexual attraction for those of the same sex who practices sex exclusively with those of the same sex. Related terms: [...] boong moll.

3. (US gay) a black person.

1972

B. Rodgers Queens’ Vernacular 62: a black man [...] boong moll (dated fr Aus sl boong = aborigine).