While the Omni / Suzo sticks are used often and favored by SHMUPS entusiasts, I don't believe the item shown is one of those sticks.
The first clue is the base color. The Suzo's are always black. The second is the ring at the base. This one has a fairly pronounced rounded lip, and is larger than the Suzo. And the shaft isn't the same.
I recall from a discussion a while back on these boards, that these were an Australian made stick with a similar appearance. But take that for what it's worth

*edit*
Found them. They are an MCA stick, and apparently used widely there (but not much anywhere else.) Not sure whether they are actually produced there, but the data seems to point in that direction.
RandyT