Yes it doesn’t look like it meets current building code. They raised ht at some poinr

It is a typical 1970,s railing. As today’s building codes for balustrades are higher, I would suggest you remove this railing and install a brand new balustrade which is to building code.

And at the same time, fix the gap between the stairs and retaining wall. Water will get in the space over time and cause problems.

Thanks for your feedback.

I like the strand wires balustrade, still undecided between timber posts/handrail or aluminum or steel.

It seems Bunnings doesn't have much variety of them either.

Get a builder in to install

You have a lovely mid century home. I would put a powdercoated railing that references the old one.