Victoria has very similar laws to NSW, but surprisingly takes a less convoluted common sense approach with its legislation, places, the emphasis on the firearms owner to decide how much further security should be added to safely store the firearms.
Victorians should respect this common sense approach before your government is forced to complicate the laws by thinking for you.
There are two reasons you secure firearms;
1. To protect inexperienced family/children or visiting friends from picking up and handling firearms.
2. To prevent theft by unauthorised persons.
If that locker/safe was in a secure brick garage or locked steel shipping container where family/friends had access, but was locked at other times then it would suffice as safe storage.
In my opinion you should make the effort to upgrade your safe and possibly its location as soon as practical.
from what I can see in the photo:
1. The safe is stored in a very low security corrugated iron work shed with weather board doors, possibly on a rural or semi rural property.
2. The Hasp is incorrectly fitted to your locker, when locked the hasp flap should cover the fasteners on the hasp and the staple.
3. you have work tools in the same room as your safe that can be used to gain entry.
http://www.police.vic.gov.au/retrievemedia.asp?media_id=81634SCHEDULE 4 STORAGE REQUIREMENTS Longarm licences for category A and B longarms
(1) The firearm must be stored in a receptacle—
(a) which is constructed of hard wood or steel that is not easily penetrable; and
(b) which, if it weighs less than 150 kilograms when it is empty, must be fixed to the frame of the floor or the wall of the premises where the firearm is kept in such a manner that it is not easily removable; and
(c) which, when any firearm is stored in it, is locked with a lock of sturdy construction.
(2) If more than 15 firearms are stored on the premises where the firearm is stored, the premises must be fitted with an intruder alarm system—
(a) the installation, maintenance and operation of which complies with Australian Standard 2201.1:2007 (as amended from time to time); and
(b) which, in the event of an intrusion, activates an audible alarm warning device and an external visible alarm warning light.
(3) Any cartridge ammunition for the firearm must be stored in a locked container separate from the receptacle in which the firearm must be stored.
http://www.police.vic.gov.au/content.asp?Document_ID=36210Other storage considerations
The above requirements are the minimum safekeeping standards that must be adhered to by licence holders. Licence holders are encouraged to take a common sense' approach and to be mindful of considerations over and above legislation to ensure firearms are not lost or stolen.
Ask yourself; is there anything more I can reasonably do to ensure my firearms cannot be lost or stolen?
In particular, care should be taken to avoid leaving firearms stored at unoccupied premises for extended durations, particularly in remote locations. Identifiers of the possible existence of firearms at a premise (such as firearm stickers on cars) should also be avoided.