Well now you've got me come down that rabbit hole straight thru the centre of the earth to you...!
Actually your kids are pretty spot on. Mostly they sing "where women glow and men plunder", 2nd time
"where beer does flow and men chunder". To "chunder" means to vomit." (wikipedia). So there!
The singer Colin Hay compares his lyrics to the social criticism of Born in the USA ("plunder"), "just" he's added his humour.
Not so important that 'Kombi' is German (a VW van), muesli too.
Much more important that I'd always realized them saying "vegemite sandwich" in it, but never how important it would become in my life
. "Do you speak-a my language? He just smiled and gave me a Vegemite sandwich".
In the video the Vegemite sandwich is a whole loaf thrown (flown?), the Vegemite glasses are in the cupboard,
after beer has flown (and no one chundered).
Before that the flautist Greg Ham is sitting in a gum tree playing his riff with a koala toy hanging from a string.
But a real godsend for me is songfact's pointer to the 2021 drum'n'bass version by Luude (also Australian).
Even people who don't love drum'n'bass like I do should love that version, because the beat is moderate, that flute riff sparkles differently by bringing it up an octave, I think a piccolo flute (not sure if a real one) - played more perkily? Funny, so many songs I'd think of as flute songs, this one I never ever did. (The Luude video has a burning flute in it, nothing else worth watching.) And Colin Hay decided he'd re-do the vocals himself, so that makes it very familiar too.
The flute riff unintentionally echoed 2 bars of "Kookaburra sits in an old gum tree", assumed by most to be public domain, sadly leading to a law suit that may have had a bad effect on the flautist, who died a year later.
A slower "original version 1980" is an interesting listen.