I don't know if I'm typical of Yanks or not but until fairly recently I just assumed that Waltzing Matilda was a song about a guy who wanted to take his wife/girl out dancing. But then I learned differently...and had to learn what a swagman was,what a jumbuck was and what a tucker bag was. I already knew what a bilabong was so that made it a bit easier.
A few years back The Seekers did a rendition of it at the start of some sporting event.It's easily found on youtube and it's very moving indeed.