Tyrants/government suppressing the people
The poem is about the tyrants suppressing or exploiting the people of Australia who worked hard to make the country a "garden full of promise". "Our fathers" in the poem were forced to leave their homeland to start building the life there. The speaker of the poem ironically mentions the lords, often referring to them as loafers. and they didn't participate in that building. So why should they want a share now? This ironic reference is mentioned in the fourth stanza in the lines "They wasn't crowded much with lords, When they was pioneerin'."
Blood should stain the wattle?
This is not a peaceful or peace-making poem. It is an obvious call trying to influence the readers or the people of Australia, to whom it was directed to, to rise and rebel. The poem begins with a proud speech of Australian freedom and how freedom will never die. Then it talks about the struggles of "Our fathers" to bring forth a sense of obligation in the readers and finally ends on a violent note of rebellion and blood. It is obvious throughout the history that violence, revenge and blood more often than not only bring more of it and not the other way around. This poem is not about being proud of one's freedom or one's heritage; it is a poem that uses people's emotions to awaken a sense of revenge and violence.