I played elastics in country Victoria, Australia in the mid seventies.
My children are now early primary school and I found "elastics" on the shelf at the toy shop... so I am researching and introducing it to my BOYS(to my husband's dismay - as it is a "girl's game") when we go camping next week.

The rhymes I remember are:
ENGLAND, IRELAND, SCOTLAND FRANCE, INSIDE, OUTSIDE, MONKEY PANTS
ENGLAND, IRELAND, SCOTLAND WALES, INSIDE, OUTSIDE, MONKEY TAILS

"OLD LADY LEARY LIT A LANTERN IN THE SHED, WHEN THE COW KICKED IT OVER SHE WINKED HER EYE AND SAID, THERE WILL BE A HOT TIME IN THE OLD TOWN TONIGHT, FIRE FIRE, WATER WATER, JUMP LADY JUMP, AHHHHH SPLAT!"

"SLAT" of course was when you landed with both feet on both elastics after an intricate series of ins and outs and overs, in progressive heights as describe above.