It's a student project LCR bridge with a built in wein bridge sine oscillator. I have a very similar one here but less options on it, mine is one a student didn't pick up at the end of their electronics course, it's from the mid '70s. The students have to put their names on them.
Your unit seems to be Aussie made too.
The label/dial on that one looks similar to mine, it has been photgraphically developed probably using the same classroom equipment as used to make circuit boards.
The knob in the middle should be a pot, and the pointer line should be glued to the pot.
Funny mine has a little peaking panel meter used to detect the resonance (ie when testing LCR) does that one have just a LED??
I've got a bad feeling that yours has been butchered, the 2 transformers bit does not seem right, neither does the 240v mains receptacle on the rear, and if the main pot has been replaced with a 3 position rotary switch than the whole thing might just have been "converted" to be something crude like a DC power supply.
If it still has the wein oscillator there will probably be a tiny "grain of wheat" light bulb inside in the oscillator section.