So, is it at all conceivable that the Waltzing bit refers not to rolling round the country, but the rolled- up possessions?Could the word "waltz" posibly have had that sort of connotation a couple of hundred years ago in German? The English word "wallet" obviously springs to mind. with a similarly vague etymology: that may mean originally "a rolled up bundle" or "a bundle carried by a pilgrim rolling round the country", or so my dictionary suggests.
   I would love to see the phrase Waltzing matilda have a German origin, as I have this pet theory the tune is Austrian in origin. Dont quite see how the two would connect up with an Australian verse set to what is reputed to be a Scottish tune, but it is all very interesting.