Factual error: In the final gunfight, we see a close-up of Charley fanning the hammer and rapid-firing his six shot Colt Single Action Army nine times in a row. [Kostner has stated in interviews that this occurs because a short scene of him switching revolvers (he had a second revolver in his belt) was left on the cutting room floor. Still a mistake, but there's the reason.]
Factual error: The film implies that Ned Kelly and his friends only became criminals after being harassed by the police. In fact, they had a long history of criminality, bushranging and animal rustling before being declared outlaws.