Hmm, didn't relalize fairy bread was Australian, gosh I love it! I take it to adult parties and everybody loves reliving their childhood!
I definitely agree with the freshest, softest, whitest bread you can find. Multigrain fairy bread is plain wrong! Even wholemeal will attract strange looks.
I melt the butter a little - 5 sec or less, in the microwave, so it's just softened, not melted. This helps stop pesky tearing of the bread.
Defo needs to be in triangles. Cut once or twice is up for debate.
As for the round balls vs elongated ones, I'm open to both! Round balls are visually more appealling as they tend to be brighter.
One last thing - the fresher the better, the morning of an afternoon party is fine, but if you make the day before the colours will run with the butter and it all gets a little soggy!