Walrus, "Honkers" always seemed to me more English than Australian. When I was there (in England) in the late '80s I dossed on the floor of a Pom who shortened (or lengthened) most names with an "ers". Henry bacame "Henners", for example.
The Australian way is with "o" or "y". Hong Kong would thus become "Honko". (Not "Honky". There are no rules that I know of, but common sense would preclude "Honky" surely.)