I've listened several times now, with various equalizer settings, and I believe that Scott sings as follows,

Heave away, my lowlands so low
Heave away, heave away
Heave away, why don't you let us know?
For we're bound for South Australia

Oh, South Australier is the place for me
Heave away, heave away
We work for the money and we goes on the spree
And we're bound for South Australia

Heave away, my lowlands so low
Heave away, heave away
Heave away, why don't you let us know?
For we're bound for South Australia

That's a nice girl on Australia's shore
Heave away, heave away
I'm going round since I'll not going to sea any more [sic]
And we're bound for South Australia

Heave away, my lowlands so low
Heave away, heave away
Heave away, why don't you let us know?
For we're bound for South Australia


The "going round" line obviously needs extra beats. Scott sings it pretty smoothly, but I think he gets off on the wrong foot and stumbles while correcting himself.

If you've read Dickens, you may remember that some some of his Cockney characters pronounce "w" as "v." I've never heard that in real life - except in Scott's recordings. He does it all the time!