For me it looks like a WW2 issue.
In my opinion is the Australia tag indeed added at a later date.
The safety pin wasn't there originally.
There were two O shaped rings on it, like the one on yours.
They fixed it onto a slauch hat by using split pin.
Maybe your badge is later modified for veterans use to pin it on a costume.
Last edited by stekker; 02-05-2012 at 05:11 PM.
This is a "Sweetheart" type of badge. It is made from a collar Rising Sun badge and an "Australia" shoulder badge soldered together. I can not say if it is WW1 or WW2 sorry.
Thank you all for the info. I wonder if there are types of sweetheart badges from all armies. Anyway, lets hope the giver of this one returned to his sweetheart.