The swag is of course famous and infamous in Aussie folklore.

"Waltzing Matilda" describes an intinerant bum and thief who steals a 'jumbuck' - a sheep- stuffs it in his swag and when caught by a squatter and thief jumps into a 'billabong' - an "oxbow" lake or cut off bend in a river - and drowns himself.

A great tune but hardly a suitable song for a national anthem which some dickheads keep pushing.

Also "Waltzing Matilda" was bush slang for masturbating with your swag !!!

Those shepherds off with their flocks for 9 months by themselves kept themselves occupied, other than Fluffy the ewe. If he was abnormal I guess it was Bert the ram

The word swag is derived from English and was used to describe a thief's bag or his stolen booty.

A bit of convict lore for you