The Oxford Australia blog features a word-of-the-month that began as an acronym: CUB – cashed-up bogan.
Apparently CUB is included in the second edition of the Australian National Dictionary, so that makes it a word, I guess.
The article tries to make the case that the term has transformed from a derogatory pejorative to a sort of affectionate label for the upwardly mobile working class.
Read more here.