A young girl and a boy from different social backgrounds find themselves in a bitter dispute over the ownership of a pony. Set in post-World War II Australia, the narrative follows Josie, a girl from a struggling family, and Peter, a boy from a wealthy background, as they both claim the same pony, Leichhardt. The conflict escalates from a personal disagreement into a public legal battle that forces the local community to take sides. The story is presented through a third-person perspective that emphasizes the socioeconomic divide of the era and the emotional attachment between children and their animals.

Readers frequently highlight the book's ability to capture the intensity of childhood attachments and the harsh realities of social inequality. Discussion often centers on the moral ambiguity of the legal battle and how the author balances the perspectives of both children. Critics note the straightforward prose style, which avoids unnecessary ornamentation to focus on the emotional stakes of the conflict. The narrative is often praised for its authentic setting and the way it treats the children's concerns with seriousness and gravity. Many readers find the resolution of the dispute to be a poignant reflection on the nature of ownership and sacrifice.