I'm looking to purchase a travel cot (baby bjorn) from an Australian store however, the description states its compliant with EN 716 safety standards. Is this equivelant to the aus/nz safety standards for travel cots?

Red Nose recommends using a potacot that meets Mandatory Australian Standards.(AS/NZS 2195)
https://rednose.org.au/article/portable-cots

Product Safety Australia, who develop & monitor safety standards in Australia
https://www.productsafety.gov.au/standards/folding-cots
Maybe check with the retail outlet as to whether this specific cot also meets Australian Standards.
Choice or INPAA may also have some information.