Wonder why Guest says the language is very Australian. Don't see any particular clue.
The old playground chants (a typical one in Steinbeck's "Cannery Row") go back to the exclusion days if not to an earlier time when Chinese came to climb the Golden Mountain. "Ching-Chong" was recently used derisively by the basketballer Shaquil O'Neal (see link below) and seemingly is popular with black rappers.

This 'song,' however, seems forced and derivative. Guest noted its fairly recent vintage. It perhaps came from the black rappers.

Nikkeiview