Once a jolly swagman camped by a billabong,
Under the shade of a coolibah tree,
And he sang as he watched and waited till his billy boiled,
"Who'll come a-waltzing Matilda with me?
Waltzing Matilda, Waltzing Matilda,
Who'll come a-waltzing Matilda with me?"
And he sang as he watched and waited till his billy boiled,
"Who'll come a-waltzing Matilda with me?"

Down came a jumbuck to drink at the billabong:
Up jumped the swagman and grabbed him with glee.
And he sang as he shoved that jumbuck in his tucker-bag,
"You'll come a-waltzing Matilda with me.
Waltzing Matilda, Waltzing Matilda,
You'll come a-waltzing Matilda with me."
And he sang as he shoved that jumbuck in his tucker-bag,
"You'll come a-waltzing Matilda with me."

Up rode a squatter, mounted on his thoroughbred;
Down came the troopers, one, two, three:
"Who's that jolly jumbuck you've got in your tucker-bag?
You'll come a-waltzing Matilda with me!
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!"

Up jumped the swagman and sprang into the billabong;
"You'll never catch me alive!" said he;
And his ghost may be heard as you pass by that billabong,
"You'll come a-waltzing Matilda with me!
Waltzing Matilda, Waltzing Matilda,
You'll come a-waltzing Matilda with me!"
And his ghost may be heard as you pass by that billabong,
"You'll come a-waltzing Matilda with me!"

* swagman: an intinerant farmhand, carrying his "swag" (his blankets) rolled into a cylinder
* billabong: a creek (normally with a pronounced "oxbow" bend)
* coolibah tree: a eucalypt (gum) tree )
* waited till his billy boiled: a billy is a tin can used to heat water over a campfire to make tea
* jumbuck: sheep
* tucker-bag: bag or box used to store food
* squatter: farmer/grazier who simply found good land and took possession; some became extremely rich
* trooper: policeman or soldier on horseback

there's several variations