We have a snoo which we only use for white noise only, not the rocking function. We purchased the fly net which is elevated above the snoo in order to avoid the cat jumping into the bassinet. Is this product considered safe and what can be done to improve safety.

what can be done to improve safety.

There are no Mandatory Standards for bassinets in Australia, however, as of Jan 2026 there will be.
https://www.productsafety.gov.au/consumers/keep-baby-safe/settle-baby-to-sleep-safely/bassinets-and-cradles-guide

In July 2024, Product Safety Australia (ACCC)  introduced a Mandatory Standard for bassinets which will become effective in Jan 2026.
Bassinets & any product sold for baby’s sleep that have an elevated sleep surface or has a “restraint system, harness or straps” may not meet the standards for infant sleep. There will also be a limit to the rocking & swinging & tilt.
https://www.productsafety.gov.au/business/search-mandatory-standards/infant-sleep-products-mandatory-standards

Red Nose also has the following information about Smart bassinets.
https://rednose.org.au/news/should-we-use-a-smart-bassinet

Also, information about bassinets in general - “when to use & when to stop using a bassinet”
https://rednose.org.au/article/bassinets

How old is your baby?

Red Nose does not recommend any products that can reduce the risk of a cat getting into baby’s cot/bassinet/pram while baby is sleeping. 
There is a risk of a pet jumping onto the netted bassinet &/or the baby pulling the net down over the themselves, covering their head/face.
Some parents have added a screen door to the room where baby is sleeping to prevent pets gaining access to sleeping baby.
It may also be worth talking to your Vet about ways to make your house safe to prevent any potential risks to baby from your cat accessing baby’s bassinet.