hehe, you nailed it Jim. It just means alcohol, and usually a large quantity has been had.
this is from here
Meanings and origins of Australian words and idioms - Australian National Dictionary Centre - ANU , and best describes it's meaning;
turps: on the turps
Drinking heavily. ‘Turps’ is an abbreviation of ‘turpentine’ and the phrase alludes to the use of spirits such as turps and methylated spirits (‘metho’) by down-and-out alcoholics. In the earliest uses of the phrase the alcohol referred to is a spirit such as gin or rum, but more recently it has referred to any kind of alcoholic drink, especially beer.