Sentence:  We believed Melbourne′s two most extraordinary institutions were those of <WSD>chiacking</WSD> – taking the piss – and larrikinism. Although the latter would develop derogatory connotations, and <WSD>chiacking</WSD> was already beginning to die a slow death, sometimes perceived as offensive in its more alcoholic forms, especially by the women in our group. 
Meaning of the word marked with <WSD> tags:  To taunt or tease in jest.