Green’s Dictionary of Slang

(Aus.) a tramp’s pack; thus matilda up, carrying a pack; matilda-bearer, matilda-carrier, matilda-hawker, matilda-lumper, matilda-man, matilda-waltzer, a vagrant.

1893		H. Lawson in Seal (1999) 161: A swag is not generally referred to as a ‘bluey’ or ‘Matilda’ — it is called a ‘swag’ [...] You do not ‘hump bluey’ – you simply carry your swag.
1905		‘On the Road to Gundagai’ in ‘Banjo’ Paterson Old Bush Songs 25: So we shouldered our ‘Matildas,’ and we turned our back on town.
1905		Bulletin (Sydney) 14 Dec. 27/4: He was sittin’ down on Matilda, lookin’ fair done in, reg’ler dead beat. [...] ‘Where are yer makin’ for? If it’s on my track, I’ll give you an’ Tilly a lift,‘ sez I. ’Blowed if I know,‘ sez he.
1913		Sport (Adelaide) 8 Feb. 12/2: They Say [...] That Darda was seen with a matilda on his back and a billy in his hand.
1917		‘Banjo’ Paterson ‘Waltzing Matilda’ in Saltbush Bill (1924) 24: And he sang as he looked at his old billy boiling, / ‘Who’ll come a-waltzing Matilda with me?’.
1924		G.H. Lawson Dict. of Aus. Words And Terms 🌐 MATILDA — Bushman’s swag.
1931		Townsville Daily Bull. (Qld) 7 July 11: I props old ‘Matilda’ on a cask, gets outside a couple of woodsers, and tells the barmaid I’m from ’Curry in Queensland.
1941		Brisbane Courier (Qld) 7 Aug. 17s/1: Our hobo, all disconsolate, had to makeshift with another and less preposessing ‘Tilly’.
1941		Brisbane Courier (Qld) 7 Aug. 17s/1: Rockhampton to Glastone and back, 280 miles in all, convinced him that Matilda was his only faithful friend.
c.1943		‘Bill O. Lading’ You Chirped a Chinful!! n.p.: Matilda: Blanket roll.
1957		J. Greenway ‘Australian Cattle Lingo’ in AS XXXIII:3 167: matilda, n. Blanket roll loosely tied and carried over one shoulder. Often used indiscriminately with bluey, drum, swag and shiralee. Origin obscure.
1986		R. Beckett Dinkum Aussie Dict. 10: Bluey: A bedroll containing clothing and other odds and ends carried by a swagman, also known as a swag or Matilda.
1999		G. Seal Lingo 161: matilda is now one of the best-known terms for this bundle of belongings.