A family favourite. I expect it's been Australianised from its roots in a Sofrito style dish.
Fry onion until soft. Add Bacon and fry until cooked through. Add Capsicum and fry until lightly warmed. Add diced tomato and tomato soup. Stir while bringing to simmer and simmer until Capsicum becomes soft.
At this point it can be modified for many other uses. Options include pasta sauces, cacciatore, among many others.
To serve as intended, sweeten with brown sugar and thicken with corn flour paste. Serve on tough or crusty bread. Nice option is to top with cheese.