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A homosexual greeting where one male grabs and uses a handshaking motion on another male's penis. The other male responds by returning the action to the first male, thereby "handshaking" one another.

Since the homosexual action is taking place below the belt aka "Down Under," it is referred to as an Australian Handshake.
Lance:
Nice to meet you!

Gary:
Nice to meet you too!

Lance:
Instead of shaking hands right now, let's Australian Handshake!

Gary:
G'Day!!
by Blocky D November 10, 2010
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2
When a boy or girl is receiving a hand job or being fingered. This can include the Australian Kiss.
"Man, she gave me the best Australian Handshake!"

"The sex wasn't great, but he sure can give an amazing Australian Handshake"
by Cupid14♡ February 24, 2015
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