I have heard a lot about the snoo smart bassinest and it is marketed as the "safest bassinet ever made". Is this product safe and recommended for newborns? Please advise.

Unfortunately there are many products on the market which may not meet Safe Sleeping Guidelines.
There are no Mandatory Standards in Australia for bassinets, however, Product Safety Australia does have some “buying tips” for bassinets & rocking cradles.
https://www.productsafety.gov.au/products/babies-kids/kids-furniture/bassinettes
https://www.productsafety.gov.au/products/babies-kids/kids-furniture/rocking-cradles

Red Nose has the following information about bassinets
https://rednose.org.au/article/bassinettes

While we are not aware of any specific incidents with this product, the potential for the baby being “rocked” into a side/tummy position remains, particularly if parents do not use the restraint, or use it loosely.

It is also normal development for babies to roll & find their own position of comfort for sleep.
It is important to provide an environment for baby to learn to roll safely, not restrain baby from this.

Most babies begin to show sign of being able to roll from about four months of age. (some earlier)
Some babies begin rolling onto their tummy earlier than this, and some not until later.
This is perfectly normal, as babies develop differently.
https://rednose.org.au/article/what-do-we-do-now-that-a-baby-has-started-to-roll-over

Red Nose (& other International Safe Sleep specialists) states that the safest place for baby to sleep is in a cot that meets mandatory standards.

The other concern about these types of products is the use of restraints or sleep positioners.
Red Nose does not recommend positional products such as anti-roll devices and items that fasten a baby into a sleeping position.
Products that restrict the movement of a baby or a baby’s head should not be used.
This is because there are no Australian Standards for these products and case studies have shown that these products can be unsafe.
There is strong scientific evidence to show that the best way to reduce the risk of SIDS and sleep accidents is to sleep babies on their back with face and head uncovered, to avoid exposing babies to tobacco smoke and to provide a safe sleeping environment.
https://rednose.org.au/article/is-it-safe-to-use-products-designed-to-keep-baby-in-a-particular-position

Red Nose also has the following information when buying products for baby’s sleep.
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.

It is often assumed that all nursery products sold in retail stores must be safe, however many products have never been formally tested so it can be difficult to tell what is safe for your child.
https://rednose.org.au/article/baby-safe-sleeping-products