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That sounds the exact opposite to me.
The dictionary definition of billabong sounds like a distributary but instead of going to the sea it goes nowhere. Not at all like the diagram in your OP, where the sediment buildup has basically converted a fork in the river to a tributary of the river (assuming the new tributary is still fed by underground streams and such, otherwise it would dry up.) there a riverologist in the house? We need a professional to weigh in here.

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