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sugar loaf
a small pointed hill in Tasmania. There are quite a few of these e.g. Viney's Sugar loaf, abbreviated to Viney's S.L.
Sugarloaf
A conical hill, named after the conical shape in which loaf sugar was imported to the colony in the early 19th Century: I climbed Echo Sugarloaf today.
Contributor's comments: Sugarloaf, Mount Sugarloaf, and Sugarloaf Hill is a very common name occurring so often on regional maps that it ranks alongside "Sandy Creek" , "Deep Creek" or "3-Mile Creek" in any competition for the most common place name in Australia. I hardly think this is a slang term beholden to an Australian region - it's origin is English (probably OE), even as a place name.