Wild Australian revelry (10)
I believe the answer is:
saturnalia
'revelry' is the definition.
(I know that saturnalia is a type of revelry)
'wild australian' is the wordplay.
'wild' is an anagram indicator.
'australian' anagrammed gives 'SATURNALIA'.
(Other definitions for saturnalia that I've seen before include "Old festival" , "Ancient Roman December festival" , "orgy" , "Wild Roman festival" , "wild party" .)