What the billy means in the song waltzing Matilda?

Answer 1

A matilda was another, though less common, name for the swag that itinerant workers carried. It comprised perhaps a change or two of clothes and a few light, personal possessions rolled up inside one or two blankets that were secured at each end by a strap or rope and slung over the shoulder. Over the other shoulder the swagman often carried a tucker bag, usually a hessian sugar bag or cotton flour bag. The contents were evenly placed at each end, then the open end tied shut and the centre tied with twine so each weighted end hung over the shoulder. The billy - a quart tin can with a handle and a lid for boiling water over an open fire - was often suspended from the swag strap. In one hand the swagman carried a waterbag, a canvas bag that allowed a little water to seep to the outside and keep the water inside cool by evaporation. WWhen I was growing up, many houses had these, some quite large, hanging from a shady tree limb or on the verandah of the house to provide cool drinks in summer. Other names for a swag were shiralee (rare), drum and bluey (from the colour of the blankets). Now to answer your question; Waltzing matilda is a vernacular expression that means to carry your swag all over the countryside. Because matilda is a girl's name, he likens it to waltzing his girl all over the dance floor.

Answer 2

The "billy" in the song Waltzing Matilda is actually the word "Billabong" which is Aussie English meaning a small lake