I was handed down a kinder kot travel tent from a friend (which according to marketing online is advertised as an alternative to a portacot). I am a bit unclear as to whether it is considered a portacot and therefore whether it needs to meet the Australian standards for a cot?

The only products that have Mandatory Standards in Australia for sleeping safety are cots & portable cots.
Product Safety Australia has the following information in relation to standards for portacots.

Folding cots must be permanently, prominently and legibly marked on the inside so that users will see the marking when erecting the cot. The marking must at least include:
instructions for assembly and locking procedures
a warning to check before each use that the cot is correctly assembled and that locking devices are fully engaged
either a warning to only use a mattress of specified dimensions or a warning to only use the mattress supplied with the product—both are allowed
a warning not to add an extra mattress as this may cause suffocation.

Folding cots must not have a mattress or other parts within the cot that are inflatable in their construction.  Both manually inflating and self-inflating mattresses are not allowed.
https://www.productsafety.gov.au/standards/folding-cots

Red Nose has the following information about portable cots.
https://rednose.org.au/article/portable-cots

It does not sound like the product you have been given is being sold/given as a portable cot.
Is the mattress inflatable?
An inflatable mattress is not suitable for baby to sleep on, particularly if not observed. It is not firm.