Hi,
My brother, sister, and I were all children of the 50's. Here in the USA , our wooden and metal toys were painted. Very very few things had decals on them. Nothing had warning labels on them. Decoration was often done in lead paint. Unless Austrailian toys were very different I would say this is a later version or the warning label was added much later.
Particularly the: not suitable for children under 3 due To small parts
PeLady