This is a vintage yarn which may be the same as Patons Australia Ariel, which is apparently waterproof!

Label states:

Patons Ariel Triple Knitting
2oz 56.7gm at 15.7% regain in accordance with BS 984
80% wool
20% man made fibres

Made in Great Britain by Patons & Baldwin Limited.
I remember my mother making “reefer jackets” or “windjammers” out of this stuff in the sixties - my brothers had brown and fawn zip jackets while I had two - one was orange with fair isle patterns, and the other was lime green with fair isle. My favorite jackets when I was little!

It’s slightly rough feeling, but good for outerwear.