This depends upon which school system you are in. If your school is a NSW Department of Education school, then you will be required to continue to use the colour-coded user codes, as this is a departmental directive. If you are not a NSW Department of Education school then it will be a matter for your school to decide.
Health and safety regulators mandate minimum labelling requirements. This is complicated in Australia since not all jurisdictions have adopted the GHS. You need to abide by the regulations that apply in your state/territory. Science ASSIST has produced an information sheet regarding this, see: AIS: Labels for school science chemicals.
The NSW Department of Education have established a colour-coded user code system, whereby they have assigned a user code for each chemical which may be used in their schools. The user code signifies the teaching level at which they allow the chemical to be used. Bottles of the chemical can be marked with a coloured dot, corresponding to the user code. This is a departmental requirement, in addition to the labels mandated by the health and safety regulators.
Schools which are not NSW department schools, but are using the CSIS package, may find it useful to continue using the colour-coded system.