Totes, Bags

In Australia and New Zealand, a swag is a bundle of belongings rolled in a traditional fashion to be carried by a foot traveller in the bush. Before motor transport was common, foot travel over long distances was essential to agriculture in the Australian bush. more...

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Probably the definitive description was provided by Henry Lawson:

Swags have been carried by shearers, miners, the unemployed, and many others, some of whom would have been happy to have been called swagmen and some not. A swag was sometimes known as a 'bluey', for example see the lyrics to the 1959 song I've Been Everywhere.

More recently, several camping supply firms have produced readymade bedrolls along the pattern of the original swag, and refer to these as swags.

Swag in Australian slang

Originally used as an alternative word for 'give', (ie. "Hey mate, swag us a drink!"), swag has become almost a fill-in-the-blank type word that is interchangable for any obvious word.

Promotional Items

Sometimes confused with shwag. Refers to promotional items -- such as shirts, tote bags, mugs, or mousepads -- given away by companies, often at trade shows. Startup companies during the late 1990s were often extravagant with such items.

The term can also refer to internal items given to the people involved in producing a work. For example, a film crew or a team of software engineers might receive swag commemorating their work.

In that context, the usage probably derives from the word "swag" meaning "loot"; for example, goods stolen by a pirate or burglar might be called "swag" as in "Stolen Without A Gun". "Swag" in the trade-show context is also sometimes said to be an acronym for Souvenirs Wearables And Gifts. Alternately, it is also an acronym for "Shit We Ain't Getting", a phrase commonly heard by low-level event staffers who are handing out said stuff.

Swag is also a term used to mean the trade items in a Geocache.

a Guess or Estimate

Swag can also be an acronym for "Stupid Wild Ass Guess". Use of the term in this manner is most commonly found in an office setting in such fields as business management, financial analysis, or procurement. For example, "Until we get the updated cost figures, we'll have to use a Swag." or "I sent you a draft report with my Swag for what the costs will be." are examples of use in this sense.

Read more at Wikipedia.org