Pine has been shown to cause various types of cancers in lab rodents, especially respiratory issues, due to the aromatic oils.
From personal experience, I've seen reptiles kept on pine turn into reptile jerky from the effect the substrate has on their skin. The effect is probably considerably more pronounced here in a very naturally dry climate compared to the south, near Atlanta, where I'm told it's nice and humid most of the year. However, that being said, it is still a carcinogenic substrate and contributes to numerous cancers and skin problems both in rodents and reptiles alike. Just because it's readily available doesn't make it good for you or your animals.
A suitable alternative is aspen, which is a wood without the aromatic oils that are so bad in pine and cedar. However, for a tropical species such as black tree monitors, your best bet is a substrate that will hold moisture without molding better than a dry woodchip such as aspen will. Cypress mulch, orchid bark (a heat treated bark used to grow orchids in), or a nice soil mix all will work much better for you.
Eucalyptus is also not a great idea. The oils inherently present will also eventually make your animal very ill.
~jen
-----
"We call them dumb animals, and so they are, for they cannot tell us how they feel, but they do not suffer less because they have no words."
- Anna Sewell (1820-1878)