Hi, I'm expecting in October, and due to bedroom size am unable to fit a cot in our room but we would like to sleep in the same room as the baby so we are looking at a bassinet that meets CHOICE safety standards as well as the European/US standard but noticed there are portacots that also meet Aus standards. What's the best/safest option between, finding a bassinet that meets those things, have the baby in a cot in their own room from birth, or potentially using a portacot/mini cot that is small enough to fit our space?

Red Nose recognises that there are circumstances where room sharing may not be possible.
Many parents use a bassinet or a porta-cot for the first few months to facilitate room sharing.
while there are no Australian standards for bassinets, Product Safety Australia does have some “buying tips” for bassinets.

Ensure the sides of the bassinette are at least 300 mm higher than the top of the mattress base.
Ensure it has a wide stable base and a sturdy bottom so that it won’t tip over.
Ensure the mattress fits well and is firm, smooth and no more than 75 mm thick.
If the product has folding legs, make sure it cannot accidentally fold during use.
https://www.productsafety.gov.au/products/babies-kids/kids-furniture/bassinettes

If a parent is thinking about using products where there are no AS/NZS Standards, it is important to ascertain not only whether the product may be effective but also is it safe to use under all circumstances and where the baby may be unsupervised

It is important for parents when they are thinking of buying a product for their baby to be able to make the best informed decision based on evidence of product safety. This is crucial for preventing SUDI or other fatal sleeping accidents.
Are there any potential hazards such as entrapment, strangulation, suffocation or fall risks associated with using this product? 
As with all bassinets, once baby is attempting to roll, they need to be moved to a cot.
https://rednose.org.au/article/bassinets
https://rednose.org.au/article/baby-safe-sleeping-products

Red Nose recommends that you only use a portacot that meets the Mandatory Australian Standards.
https://rednose.org.au/article/portable-cots