Chorus:
Waltzing Matilda, waltzing Matilda
You’ll come a waltzing Matilda with me
And he sang as he watched and waited ‘til his billy boiled
You’ll come a-waltzing Matilda with me

Verse 2
Down came a jumbuck to dri-ink at that billabong
(sheep)
Up jumped the swagman and grabbed him with glee
(apparent free lunch)
And he sang as he stuffed that jumbuck in his tucker-bag
(that’s a bag for your tucker)
You’ll come a-waltzing Matilda with me

(Chorus)

Verse 3
Up rode the squatter, mounted on his thoroughbred
(man who owns the sheep) (fancy name for horse)
Up rode the troopers, one, two, three (the cops, guns drawn)
“Who’s that jolly jumbuck you’ve got in your tucker-bag?”
(oops no free lunch)
You’ll come a-waltzing Matilda with me

Chorus:
Waltzing Matilda, waltzing Matilda
You’ll come a waltzing Matilda with me
“Who’s that jolly jumbuck you've got in your tucker-bag?”
You’ll come a-waltzing Matilda with me

Verse 4: Stealing sheep was a death sentence then, so he chose freedom.

Up jumped the swagman and sprang into that billabong (splash)
“You’ll never take me alive!”, said he (he can’t swim)
And his ghost may be heard as you stroll beside that billabong
You’ll come a-waltzing Matilda with me

Chorus

Extra Chorus Ending
And that’s why this song will never be Australia’s national anthem
You’ll come a-waltzing Matilda with me