"Waltzing Matilda" relies heavily on colloquialisms, or common, informal words and sayings which are specific to a geographical region. The song is rife with Australian colloquialisms ("jumbug," "tucker bag," "billabong," and so on), and assumes a native audience.
"Waltzing Matilda" is also heavily reliant upon alliteration, or the repetition of consonants ("billy boiled," "swagman / grabbed / glee"). It has a refrain, or a repeating verse ("You'll come a-waltzing Matilda with me"). The second and fourth lines of each stanza rhyme, and the song conveys a narrative (that is, of a criminal who steals a sheep and pays for it with his life). Thus, we can safely say that "Waltzing Matilda" is a ballad, as it tells a story and has a consistent rhyme scheme. Like most ballads, it is a sort of musical poem which lends itself to oral history.
It could also be argued that "Waltzing Matilda" is something of a tragicomedy, as it incorporates both comedic and tragic elements. In some respects it is a fable, as it involves animals and conveys a moral message. However, the song lacks the fantastical elements common to fables, such as talking animals, and the light-hearted treatment of the criminal's death seems to belie any strong morality.
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