William Buckley was this convict in the European settlements in Australia, and was imprisoned for a very short time until he ran off, and lived for a whole bunch of years with the pygmies or natives in the woods, until he went back to civilization and was pardoned. The meaning of the phrase is one representing futility in the only choice you have in relation to a certain situation which offers no alternatives at all from its set conclusion, translated as; you're fucked. XD I'm no good with dates and historical details, so i dug this up for you. http://www.worldwidewords.org/qa/qa-buc2.htm

William Buckley (1780 - January 1, 1856), was an English convict who was transported to Australia, escaped, was given up for dead and lived in an Aboriginal community for many years. Buckley's improbable survival is believed by many Australians to be the source of the vernacular phrase "Buckley's chance" (or simply "Buckley's"), which literally means "no chance", or "it's as good as impossible". The Macquarie Dictionary supports this theory, although it also suggests that the expression was influenced by the name of a Melbourne business, Buckley & Nunn. 1896 ‘Freemasonry and R.C.-ism ... are worked for all they are worth in Q’sland. ... Unless you are a “child” of either party your chances of promotion are ‘Buckley’s’ (Bulletin (Sydney) 25 Jan., p. 25); 1896 ‘Old man Parkes hasn’t “Buckley’s chance” for the Waverley seat’ (Bulletin (Sydney) 22 Feb., p. 13); 1897 ‘He has “Buckley’s show” of working the mine with them’ (Worker (Sydney) 30 Oct., p. 2); 1902 ‘It is wise to be contented/With an humble lot, you know,/Especially when it’s obvious/You haven’t Buckley’s show!’ (Truth (Sydney) 30 Mar., p. 1); 1903 ‘About the only chance Sir Teaman Lipton has of winning the American Cup is Buckley’s’ (Truth (Sydney) 22 Mar., p. 1); 1913 ‘ “I suppose you think I have Buckley’s chance of winning this case?”.... “No, I think you have about the same chance as a celluloid dog would have of chasing an asbestos cat through hell” ’ (Truth (Sydney) 6 July, p. 1); 1927 ‘Th’ ole man got th’ axe an’ tried ’is dam’dest ter cut th’ vine an’ settle it; but ’e didn’t ’ave Buckley’s’ (Bulletin (Sydney) 28 July, p. 24); 1940 ‘Buckley’s choice. A new tunic was being issued to a recruit. “We have two kinds, those too large and those too small. Which will you have?” ’ (Sentry Go: Fourth Garrison Battalion, Oct., p. 9); 1978 ‘What chance have we got if the Nips land? Bloody Buckley’s!’ (H.C. Baker, I was Listening: True Australian Yarns about Colourful Men and Women p. 171); 1997 ‘Dinner For Six was clouted for correspondence admitting that some ladies, because they were over-chubby or over-tall or over-50, have Buckley’s hope of attracting an admirer at one of their culinary soirees’ (Age (Melbourne) 15 June, p. 16).