Errrrr, how about going to the source for the 'definitive' version?
Listen to Colin singing the song at the link that Noreen posted above rather than relying our our collective imperfect memories? Hearing that version surprised me because my 'memory' of Colin's singing the Factory Lad was that it was significantly faster than the version posted online and I heard it many times in clubs, pubs and in the house we shared in Melbourne as noted by dBranno.
I suspect going for a 'definitive' version might be a trickier proposition than it first appears unless we want to classify the song in terms of regional versions i.e. the Sydney version, the Melbourne one, the International one etc. Thats what we call the folk process innit?