Re-reviewing because the more I think about this movie, the less I like it.
It's miserable, depressing, exploitive and too long. I get that it's a colonization-era revenge movie. I get that we're supposed to be angry about what happens to these characters. I get that this about a dark era in Australian history in which countless atrocities occurred - but there's such a thing as taking it too far.
Between the (numerous) rape scenes and the excessive violence shown towards indigenous people, the whole thing is just an exhausting experience with barely any sense of restraint. Even the trashiest exploitation movies usually have moments that are fun, entertaining, or at least satisfying or cathartic. This movie has none of that.
Still, it's well acted and well directed, so I'll give it that.