A wandering swagman faces a moral and legal crisis after stealing a jumbuck near a billabong. The protagonist, a transient laborer, seeks only a simple meal and a place to rest, yet he finds himself pursued by local authorities and a squatter. His defiance against the encroaching power of the law leads to a final, desperate act of resistance. The narrative is presented as a rhythmic ballad, utilizing the structure of a folk song to convey the tension between individual freedom and institutional control.

This work is widely recognized as a foundational piece of Australian cultural identity, often functioning as an unofficial national anthem. Readers and critics frequently note the poem's ability to capture the spirit of the bush and the ethos of the independent swagman. The enduring popularity of the piece stems from its accessible, singable rhythm and its poignant depiction of a man standing against overwhelming odds. It remains a staple in Australian literature, studied for its historical significance and its role in shaping the national character.