He wore an old blue shirt the night that first we met,
An old and tattered cabbage-tree concealed his locks of jet;
His footsteps had a languor, his voice a husky tone;
Both man and dog were spent with toil as they slowly wandered home.

I saw him but a moment — yet methinks I see him now —
While his sheep were gently feeding ’neath the rugged mountain brow.

When next we met, the old blue shirt and cabbage-tree were
    gone;
A brand new suit of tweed and “Doctor Dod” he had put on;
Arm in arm with him was one who strove, and not in vain,
To ease his pockets of their load by drinking real champagne.

I saw him but a moment, and he was going a pace,
Shouting nobbler after nobbler, with a smile upon his face.

When next again I saw that man his suit of tweed was gone,
The old blue shirt and cabbage-tree once more he had put on;
Slowly he trudged along the road and took the well-known track
From the station he so lately left with a swag upon his back.

I saw him but a moment as he was walking by
With two black eyes and broken nose and a tear-drop in his eye.

The cabbage-tree palm (Livistona australis) has cabbage-like leaves which were used by Aboriginals to make their shelters waterproof. Early settlers in Australia copied this and the first Sydney Cove buildings had roofs thatched with cabbage-tree palm leaves. Settlers also wove individual leaves into hats as noted in the song above.
See also the song The Cabbage-Tree Hat