I've seen a 60kg staffy go through a colorbond fence, so that's no guarantee of safety for your dog.
From my experience, the "standard" they tend to use is either a 1500mm (5 foot) or 1800mm (6 foot) high single paling fence (2 rails). Whatever that costs, your neighbour is obliged to pay half of. If you want something more costly than that, it's up to you to pay the difference.
When I had to get a fence done the guy who quoted told me colorbond is pretty much just as cheap these days, and he doesn't have many issues with getting 50/50 from neighbours for it - when they are in agreeance that the fence needs replacing.
Best off checking out your local council's web resources to see what they have to say, as the fencing standards can (and do) vary from council to council, and also within different estates & zones within the same council area.