Its a truncated form of the original Australian slang for You
Beauty! Used when a major
win occurs or some occurence of great
luck is vested upon an Australian.
My dog just got me a can of export from the
fridge Ubewt!
Ubewt! My missus just told me she used to be a
lesbian and her hot friend is coming to visit
friday for action and Im allowed to watch.
Ubewt! Aliens just abducted our prime minister and we get to do another election.