What does the Australian slang word jaguar mean?

"Jaguar" is not a common Australian slang word. It's more likely that you've misheard or misunderstood the word.

It's possible you're thinking of a similar-sounding word, like:

* "Jager": This is a shortened version of "Jagermeister", a popular German liqueur.

* "Jarra": This is a slang term for a large glass of beer, often used in Australia.

Could you provide more context? What was the situation where you heard this word? This could help me figure out what you actually heard.