From Bushwalk Australia
AKA falls bagging. This is essentially the same principle as Peak Bagging, except that the participants seek out waterfalls rather than mountains. There does not appear to be a systematic ranking of waterfalls, as there is for peak bagging. However it is a popular pastime with some bushwalkers.
A discussion topic has been started on Bushwalk.com with the aim to develop a Bagging Points ranking for Tasmanian Falls.