This is a picture of the common perspective that the Aboriginals (indigenous natives of Australia) and the Europeans have of each other. It is purposefully painted in oils as this is what European masters have normally used; and they are the dominant culture while Aboriginal masters typically prefer acrylics.
The half of the painting that depicts the white man's view of the Aboriginal is merely a black background depicting their skin colour with a derogatory white stencil brand of categorisation. The stencil "DREAMING" refers to the white man's branding them as lazy dreamers incapable of doing anything useful. i.e. white man's work. To be of any worth Aboriginals are expected to drop their dreamtime culture (which is probably older than that of the white man's) and take on that of the whites. This is of course not new since many conquered civilisations even at tribal level have had to endure exactly the same process. It is a genetic imperative that blood lines mix to increase the human genetic pool. Conquest is no longer the imperative that it was as people of different cultures are physically much freer and able to choose their partners outside their own race and creed while the consequence of stigmatisation has been greatly reduced. It is strange however that any shade of gray is black while only specific shades of white are white.
The other half of the painting depicts the aboriginal view. Here the red background (their relationship with the earth) is covered by concentric circles composed of black dots which have each in turn been covered by a white dot except for the very central one. Concentric circles drawn in this manner by the Aboriginal people represent their home/camp/waterhole. The white man has managed to cover all but their heart; the uncovered central black dot.
There is no right way to view this picture so it follows there is no right way to hang it.