I reckon Bernie Taupin wrote some great lyrics that would hold up on their own as poetry:
Tune me into the wild side of life,
I'm an innocent young child sharp as a knife,
Take me to the garretts where the artists have died,
show me the court rooms where the judges have lied.
As for an Australian lyricist/songwriter, I reckon you can't go past the poetry of Don Walker (Cold Chisel songwriter). One of the most Australian of writers I know of, his words are strung together with such a raw, yet passionate feel. Like:
she played Mozart with my feelings
and Havoc with my face.
or
He rides the freight-train out of town
and whistles at the icy rime.
The cattle float like thistle-downs
and God is on the edge of time.
Somewhere behind a siren wails,
the freight-train soars above the rails,
the traveller, he's as hard as nails
as the train sweeps down the line.
I remember a mate of mine in year 12 at High School submitted the lyrics to a little known (to the teacher, anyway

Cheers, Marty
ps. Wasn't it the Billy Tea jingle by Marie Cowan that launched Paterson's Waltzing Matilda to national (and later international) fame?