Yeah, a lot of people freak out when they see this. Since it sounds like a... "HAND IT OVER, BUDDY! GAME OVER!" sorta thing.
In reality, any package can be 'handed over' to customs to check.
However, as far as I know, Australia is rough on lasers compared to other places.
However I also don't think Customs can identify the diode by sight, sure as hell aren't going to power it up and measure it, so you're likely fine.