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Waltzing Matilda is an Austrailian folk song. Some consider the song the next national anthem. Some of the words in the song are Austrailian and need explaining. Swagman is a hogo, a wonderer. Tucker bag is a food bag. Jumbuck is a sheep. Squatter is someone who takes over property. Billy is a kettle/teapot. Billabong is a deep pond. Matilda is the name of this fellows pocession bag. Waltzing is to walk around.