WELCOME U.S.A. Fleet, 1925, in silvered and enamel (28x36mm) (C.1925/10), by G.A.Miller & Sons, Sydney. Very fine and a scarce variety.
The above differs from the badge at C.1925/10 in Carlisle's book which is gilt and enamel, has no maker's name on the reverse and the pin on the back is in a different position. The measurements are also slightly different.