Wiktionary
alt. (context Australia English) A festival during which finishing high school students celebrate the end of their studies, and associated freedom. n. (context Australia English) A festival during which finishing high school students celebrate the end of their studies, and associated freedom.
Wikipedia
Schoolies or schoolies week (also known as leavers' or leavers' week in Western Australia and coasties in the Australian Capital Territory) refers to the Australian tradition of high-school graduates (also known as "schoolies" or "leavers") having week-long holidays following the end of their final exams in late November and early December.
"Toolies" or "Droolies" refers to older revellers who participate in Schoolies week but are not high-school graduates. "Foolies", "juvie leavers" or "pre-schoolies" refers to younger adolescents, who participate in Schoolies week but have not yet graduated from high school. Schoolies week is seen as a final party with schoolmates before they head their separate ways.