A mate might be fair dinkum or just part of a conventional greeting. The trick is to know which is which in Australian slang. It's not a recipe for seasoned horsemeat, but a slice of everyday Australian slang. Down Under, where fluency in Australian slang is a must. What sounds like a reference to the rodeo scene actually is Australian slang applicable to a variety of arenas.
Australian slang is loaded with vivid expressions.
It sounds as if somebody picked the wrong racehorse. In Australian slang, however, the expression might be heard on or off the track. It's not as bad as it sounds. This is a case in which it might be wise to make sure your audience understands Australian slang before dropping such a line. What sounds like a mouthful is actually a reasonable statement, spiced with Australian slang.