Utter ratbag volume minimised source of anxiety (7)

I believe the answer is:

bugaboo

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'source of anxiety' is the definition.
'bugaboo' can be an answer for 'source' (I have seen 'source of alarm' mean 'bugaboo' so perhaps 'source' could also mean 'bugaboo'). I am unsure of the 'of anxiety' bit.

I can't explain the remainder of the clue.

Can you help me to learn more?

(Other definitions for bugaboo that I've seen before include "Object of anxiety" , "source of alarm" , "it's awful!" , "Bogey" , "which makes one anxious" .)

I've seen this clue in the Sydney Morning Herald.

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