The story
From swag (“items stolen by a thief; unlawfully obtained goods; (Australia, New Zealand) bundle of personal items carried by a tramp, traveller, etc.”) + man.
Etymology from Wiktionary, CC BY-SA 4.0.
swagman
swag·manToday it means: A man who travels around with a swag (“bundle of personal items”); specifically, an itinerant person, often seeking work in exchange for food and lodging. Full definition →