This instrument is a permanent product safety ban made under subsection 114(1)(a) of Schedule 2 to the Competition and Consumer Act 2010. Schedule 2 is the Australian Consumer Law. The instrument is a legislative instrument and the Federal Register entry shows it as in force.
In practical terms, the ban means businesses must not deal in the banned goods as part of normal trading. If your business imports toys, buys novelty stock from wholesalers, sells through a website or marketplace, or hands out toys as part of a promotion, this instrument is relevant to your product checks.
The instrument is specifically titled a permanent ban on yo-yo water balls. It does not just target one brand or one exact product line. It also covers similar products that fit the description set out in the notice.