My thanks to Bruce Macdonald for a little background information, gleaned from his wonderful book on Australian toy train manufacturers, Spring, Spark and Steam.
Presco was the trade name used by Precision Metal Stampings, who seem to have been in business in Sydney, Australia, until the early or mid 1960s. Presco made automotive toys and, from 1948, 0 gauge toy train track, which was sold under their own name, as well as being supplied to Scorpion and Maurlyn, for inclusion in sets.
The Presco track was supplied as both two rail (clockwork) and three rail (electric), initially with four sleepers (ties) per section, and subsequently, three sleepers per section. Curves and points (switches, turnouts) were to a radius of two feet.
For more information, and illustrations, of Australian 0 gauge models, including live steam, please see the book Spring, Spark & Steam by Bruce Macdonald.
For Australian live steam models on the web, including 0 gauge railway models, see Tony Muir's truly wonderful site Australian Toy Steam