Green’s Dictionary of Slang

gurgler n.

In phrases

go down the gurgler (v.) [sl. gurgler, plughole]

(Aus.) to collapse, to fail.

1986		C. Bowles G’DAY 113: The business has gone down the gurgler and Mr Foster has done his dough.
1988		Bulletin issues 5626-33 105/2: We argued that Australia would go down the gurgler, that we’d be a lot of galahs, if we allowed the forces of globalism to stuff up our lingo.
1994		G. Disher Crosskill [ebook] [T]he organisation splintering, guys going solo, the firm disappearing down the gurgler.
2006		B. Matthews Intractable [ebook] the decade of my twenties had slowly disappeared down the gurgler.
2013		T. Peacock More You Bet 82: A bookie who hjas ‘gone broke’, or ‘gone bad’, or ‘gone down the gurgler’ [...] might engage a backer, that is someone to inject funds.
2018		G. Disher Kill Shot [ebook] ‘[Doing business] [f]rom his five-star hotel room, I suppose,’ spat the dentist, ‘while his investors go down the gurgler’.