from
The Collaborative International Dictionary of English v.0.48
Swag \Swag\, n.
1. A swaying, irregular motion.
[1913 Webster]
2. A burglar's or thief's booty; boodle. [Cant or Slang]
--Charles Reade.
[1913 Webster]
3. [Australia]
(a) A tramping bushman's luggage, rolled up either in
canvas or in a blanket so as to form a long bundle,
and carried on the back or over the shoulder; --
called also a {bluey}, or a {drum}.
(b) Any bundle of luggage similarly rolled up; hence,
luggage in general.
He tramped for years till the swag he bore
seemed part of himself. --Lawson.
[Webster 1913 Suppl.]