There is more than one layer to this ghost sign, at the rear of 20 Margaret Street, Moonee Ponds, Victoria 3039. Under the words Astro Furniture and Gifts, I can make out:

MirabellaTravel
Bagenzia Viaggi
“Che Si Distingue”
Moonee Ponds Branch

There is a character I can’t identify at the end of the word “travel”.

Just beautiful. This is at 12 Margaret Street, Moonee Ponds, Melbourne, Victoria 3039, Australia. The following image shows the complete sign, which reads:

W. Rayner, Tobacconist
Dairy Maid
Custard Powder