According to the NZ English to US English dictionary, bugger all means "not much, very little". This is a rather limited reflection of common usage in New Zealand, since the word is highly flexible and covers a wide variety of situations to the relief of those with a small vocabulary.
Do yourself a favour and watch Toyota's made-in-NZ bugger commercial (1.9 MB). There's some interesting background to the ad here.
The following comic illustrates—with the help of a few non-Kiwi Peak District landmarks and animals—the versatility of the word bugger. "Usage of the word bugger" was made using Comic Life:
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