I find the Victorian Railways signalling system confusing - it is a mixture of British route signalling and US speed signalling - but that is probably because I do not live in Victoria. The colours displayed on normal (non-junction) running signals indicate the speed allowed for the next block.
Here in New South Wales the railway signalling system is a mixture of route and block signalling. The colours displayed on normal (non-junction) running signals indicates the status of the blocks ahead and the state of the next signal.