Etymology
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billabong (n.)

Australian, "backwater, stagnant pool," 1865, from Billibang, Aboriginal name of Bell River, from billa "water" + bang, which is of uncertain meaning.

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Definitions of billabong

billabong (n.)
a stagnant pool of water in the bed of a stream that flows intermittently;
billabong (n.)
a branch of a river made by water flowing from the main stream only when the water level is high;
From wordnet.princeton.edu