Cody comes across some strange events happening in Devil's Knob national park associated with an Aboriginal myth about "Frog Dreamings" and Bunyips, terrifying water monsters that prey on humans.

The children are told that he punishes any wrongs done according to the laws of the ancient Aborigines including harm to one another, murder of animals without need for food, and destroying the environment (his appearance being most notable according to myth when white men came).

The Kurdaitcha Man supposedly wanders the countryside, specifically at night, and wears shoes made of Emu feathers in order to cover any tracks.

After Cody witnesses the centre of the lake erupting in bubbles, he discovers the desiccated body of a homeless man, Neville, in a tent nearby.

Determined to pursue the mystery of the pond himself, Cody fashions a makeshift diving suit and proceeds to explore the murky bottom, but never comes back up.

The film ends with the mystery unfolded and Cody alongside his friends safe and sound with the Kurdaitcha Man and Donkegin still 'living' and active in their minds.