It looks like it has a combined on/off switch and speed control potentiometer. I think it is most likely wear in the potentiometer track or possibly the switch rather than the electronics. It will be easy enough to replace pot/switch with one of the same resistance. You should be able to get one from an electronics parts supplier or web site . Worth trying first since it’s an inexpensive item.
Agreed. Might also be worth squirting the inside of the pot and the switch with switch cleaner before replacing. In the UK ‘Servisol’ is widely available, dunno about Australia, though there’s bound to be an equivalent. For cheapness, hobby machines tend to use ordinary domestic switched pots, which aren’t as robust as the much pricier industrial equivalent, or sealed to keep dirt out. Not ideal but they generally last several years, and are easy and cheap to replace. And a blast of switch cleaner might fix it by blasting swarf or grease off the contacts.
Dave