Lyric discussion by pete515 

Cover art for The Carnival Is Over lyrics by Nick Cave and the Bad Seeds

The song was written by Tom Springfield and was originally sung by Judith Durham in the 60's group The Seekers. The Seekers were originally from Australia, like Nick Cave and maybe this is Nick's tribute to his fellow antipodeans.

The song is definitely about things ending and is extensively sung in Australia when public events finish (it was due to have closed the Sydney Olympics until Judith Durham broke her hip and couldn't perform). A bit of a national institution like 'Waltzing Mathilda' but a very moving song none the less.