I've always thought it was about a drug bust; but I'm never 100% sure with Neil. Great tune though. I've kind've gone through a rediscovery of NY in the last few years. Check out "Neil and Me" by his old man. terrific insights into plenty of his tunes, and overall quite a good read. The "Decade" anthology has notes on a pile of tunes by Neil himself, but I don't think Powderfinger's there. SB