Hi Jasper,
One of the things to consider is your climate. The Gold Coast is really wet and warm compared to many other places where people keep bees. Water is a problem for wood and any sort of finish upon it, including paint. Also, the UV and other things, break down paint over time. Also, your climate would suit wood rotting fungus and also support mould growth. In my experience, where water sits (like on the entrance) is a problem for any finish, paint or tung oil etc. Where water doesn’t tend to sit (like the sides), the finish will last longer of course. Sceneys in Aus.(Victoria) make a pure tung oil.