In Australia, there is much racism, and many derogatory words based on race, such as "Boong".
However, as far as I could tell, racism and the use of derogatory words was done by the bad guys in the movie, such as Neil Fletcher, or neutral bystanders, rather than the good guys (The Drover, Lady Sarah, Nullah, and others). Even though the Aborigines would have much reason to dislike white-skinned people, they were not racist against them.
However, Nullah used the word "Japs":
Them Japs nearly got us. We had to swim'em.
Was he being derogatory about the Japanese when using that word?