Not meant to be an insult (as some English think for some reason), merely a nickname for our less-tanned former rulers. Nicknaming everything is very Australian.
Aussie: Fuck off pom, get your shit cricketers off our cricket ovals and give us our fucking ashes - they've been ours since 1989!'
DO NOT CONFUSE POMS WITH CHEERLEADERS!
*poms have much more talent
OTHER GUY: "Yeah I'd like to see them without those uniforms on!"
-- Monty Python