Orders for AIF provide for the issue of a clasp knife to be carried on the man on a lanyard. There doesn't appear to have been a specific type of lanyard issued and most blokes appear to have provided their own in a variety of styles and materials.
Lanyards coloured on a corps or regimental basis did not come into use until 1930 or after and were unofficial up until 1952. So the lanyard during the Great War isn't an indicator of unit. He is wearing dismounted dress however which would probably confirm the conclusions already reached.
Keith
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