An Australian and New Zealand informal adjective meaning fine, excellent, or okay — everything is in order and there's nothing to worry about. Has a pleasantly old-fashioned, reassuring quality. Jakeloo is an extended or emphatic form of 'jake' (fine, all right), with the '-loo' suffix adding a cheerful intensifier. Typical of the playful, elongated slang formations of Australian English.
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Aussie and Kiwi vocabulary — bogan, daggy, brekkie, sheila, bach, jandals — the whole Antipodean lexicon, including outback dialect, surf and beach culture, and Sydney/Melbourne street slang.
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She checked the engine over and declared it all jakeloo for the drive up the coast.
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(chiefly, Australia, NZ) Fine, excellent.
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