As Eric Bogle's record label for well over 30 years (we must be the folk industry's longest marriage going from my earlier label, Larrikin, to my current folly, Rouseabout Records)I found this topic irresistible. There's been a long history of parodies of Eric's main songs, especially No Man's Land and Matilda...... one even used Matilda for a song about a racehorse. Did you know REM recorded it and, for a time, were considering releasing it (Eric had already planned on how he'd spend the dosh). EVERYTHING is fair game in songwriting. Bring them on - the good, the bad and the really ugly. It's the process.
PS: I hadn't heard my mate Fintan Vallely's adaption but it's a corker.
PS2. Eric tells me he is working on a new album for 2013 release - rust never sleeps...... ?