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This is the Merrytoys Landspeed Racer in dark red. Merrytoys, sometimes referred to as Merry Toy or Merry Toys, was an Australian toy maker that appears to have released diecast and tin plate toys including a tin plate/pressed metal Spitfire, diecast jeeps, diecast landspeed racer and pressed metal toy iron.
It is a one piece casting with all detail such as grille, exhausts, seat, driver, etc. cast into the metal. There is no glazing or base to the model. On the under-side the model carries the legend "MERRYTOYS" cast under the bonnet. The slightly domed and crimped axles pass into the wheels and through the body casting. The wheels are unpainted metal shaped to represent a disc wheel hub with treaded tyre.
I do not know when this item was issued but probably circa the 1950s