I've never heard of it. I think it's a salve or a balm looking for a gimick.
I seem to recall a 'goanna oil' or 'goanna balm' and have seen 'tiger balm' many time (not Aussie)
If I could hazard a guess there'd be about as much Emu in Australian Blue Emu Oil as there is Scotsman in a Bic Mac...
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