Bluey Brink, "a devil for work and a devil for drink," walks into Jimmy's bar and demands the closest available liquid -- the sulfuric acid used to clean the bar. Brink stomps out, and Jimmy fears for his life. But Brink returns next day asking for more
Fahey suspects this of having been the work of A.L. Lloyd, who originally collected it. Australians like to boast of their drinking, however (though their per capita consumption of alcoholic beverages, other than beer, is actually rather low), so they have gladly adopted the song. Note that the name in Paterson/Fahey/Seal is "Billy Brink," implying some folk processing. Though the Paterson/Fahey/Seal version (collected from Simon McDonald by O'Connor and Officer) isn't as clever as Lloyd's version. Perhaps the likeliest explanation is that Lloyd tightened up a traditional song.
Meredith/Covell/Brown add that the tune for this is "The Wedding of Lochan McGraw." - RBW