A billy is a metal pot with a tight fitting lid, like this one in which we boiled tea on the Katherine River.
Who'll come a-waltzing Matilda with me.
Waltzing Matilda has several meanings. If a policeman told you ``you come a-Waltzing matilda with me'', you'd be under arrest. Its most common meaning comes from the 19th Century German soldiers who called their swag ``Matildhas'', and when they went ``Waltzing'' with their ``matildas'' they went off into world. For this song, you'll also need to know that Jumbuck is a sheep and a tucker bag is a bag in which you put your food.