Here's what I found from Fiebing’s Aussie Leather Conditioner MSDS. I have never made Aussie Leather Conditioner but I'll do my best to translate it for you.
BTW SECTION 2 in any MSDS is were they have to list what the stuff is made of. Notice Fiebings is holding their cards close with the Natural & Synthetic wax blend .
From their MSDS
SECTION 2 – COMPOSITION / INFORMATION ON INGREDIENTS
Hazardous ingredients (Specific) % CAS#
Petrolatum USP 55-70% 8009-03-8
Natural & synthetic wax blend 10.0 – 15.0% Proprietary
Aliphatic hydrocarbon 15.0 – 35.0% 64742-47-8
Dave's translation for your test batch. Work in small amounts for your test batch and scale up when you have the correct ratios.
Hazardous ingredients (Specific) % amount in grams What is it and were can I get it
Petrolatum USP 70% 175 Petroleum Jelly procured at any drug store
Natural & synthetic wax blend 10% 25 Dave's Secret Wax (See below)This is the most complicated part and probably the most important
Aliphatic hydrocarbon 20% 50 this is Mineral Spirits maybe sold as White Spirits(UK and EU) found at Hardware stores.
Dave's Wax
This stuff or something similar to this is used in a lot of leather products.
P.S. Don't tell my brother Cam I gave our secret away but we've learned a lot from this forum so it's something we can give back.
!! FIRE HAZARD - MAKE THIS AT YOUR OWN RISK !!
I STRONGLY RECOMMEND YOU MAKE THIS OUTSIDE USING A CAMP STOVE.
MATERIALS
100 grams. of Carnauba wax
100 grams. of virgin bees wax
1 quart of Mineral Spirits
10 oz of boiled linseed oil
4 oz Castor oil
Wooden Spoon
Pot and stainless steel mixing to make a double boiler
Gather your materials. When choosing your cooking pot and bowl, pick sizes that will work together well as a double boiler. The pot you use for the wax mix will have to be dedicated to the wax, in other words I wouldn't use it for anything else.
Create a double boiler by putting the cooking pot on the stove and adding several inches of water. Place the mixing bowl over the top of the pot to ensure that it's the right size. The right size bowl will be larger in diameter than the opening on the pot, allowing it to sit on top of the pot and be heated from underneath by the steam from the boiling water. When your double boiler is ready, remove the bowl and bring the water to a boil.
!! DANGER:: Mineral spirits is flammable, keep away from the heat source !!
While the water is coming to a boil, combine 10 oz of mineral spirits, 10 oz boiled linseed and 4 oz castor oil in a container and set the mixture aside for later.
Put the bowl over the cooking pot of boiling water. Add the beeswax to the bowl and allow them to melt down, stirring them occasionally with a wooden spoon. When the beeswax is completely melted, add the Carnauba wax. When the Carnauba wax is melted, mix with the beeswax and remove the bowl from the heat using pot holders and set it on an insulated pad. Turn off your heat source and allow the wax to cool for about a minute or so.
Carefully and slowly pour the mineral oil and linseed oil mixture into the bowl of cooling beeswax creating and emulsion. Stir the mixture together thoroughly with a wooden spoon. As the wax emulsion cools add mineral oil to mix the emulsion until the rest of the quart is added.
Pour the evenly blended mixture into a large, airtight container. An unused metal gallon paint bucket found at hardware stores works well. You have made enough to last awhile so store unused wax in a cool, dry place with the lid on tight
Let me know how it turns out.