Strewth mate, this is a bonza billabong!
It is true, my friend, that this is a very nice waterhole.
I have been asked for explanations for a lot of words recently.
We Aussies (Australians) may talk a little differently, but it's not
hard to get used to :-)
Here are a few words to get you started:
Bunyip: A mythological creature from Aboriginal legend found in billabongs.
Billabong: An Australian waterhole.
G'day!: Hello! (Everyone knows this one)
Outback: The interior of Australia. Where you'll find billabongs and bunyips!
Here are some links to a few excellent resources which will help
you out with Australian 'slang'!
(I've checked over these pages and they all seem 'g rated', but you might like to
ask an adult to check them out first.)
Aussie Slang Dictionary
http://www.koalanet.com.au/australian-slang.html
'Strine Decoded: A Dictionary of Australian English
http://www.artistwd.com/joyzine/australia/strine/
Australian Slang
http://www.australianexplorer.com/australian_slang.htm