An Australian term of endearment, similar to "Mate" but usually used in a slightly more patronising tone and with less immediate masculine connotations.
A good example is a parent describing a son or daughter, or an older person describing a young person.
The term is usually used playfully.
"G'day, John, you couldn't keep an eye on Bugalugs over here while I get something out of my car could you?"
Bugabu is a screen name used by the kind of people who like to whale hard. Bugabu will spend more money on mobile games and loot boxes than he does on rent. However, Bugabu is also a loyal and hardworking person who you want by your side. You'll certainly be missing out if Bugabu isn't there.
Bugabu is also great with the ladies. One look at Bugabu in a pair of short brown shorts and the women go crazy. In bed a woman will lack nothing with Bugabu, he may go down and never come up for air!
Bugabu also tends to have an unreliable internet connection. In the blink of an eye he could be gone and never heard from again. Fair.