Yes it is! Because lip balm is ingested, I made sure all the ingredients were safe to ingest.
After making my unscented (smells like chocolate) lip balm since 2018, I subsequently found out that it was not legal to use essential oils in lip balms in Australia, because none has been deemed to be safe for ingestion by the Therapeutic Goods Administration.
When I look at some of the ingredients in lip balms approved as safe, like Blistex, I do wonder.
Would you rather lick almond oil, olive oil, coconut oil, cocoa butter, beeswax and vitamin E off your lips or this laundry list of unrecognisable chemicals with the following warning advised by the TGA "Contains sorbates, Contains phenoxyethanol (or words to that effect)."
bemotrizinol
butyl methoxydibenzoylmethane
diethylamino hydroxybenzoyl hexyl benzoate
octyl methoxycinnamate
octyl salicylate
butyloctyl salicylate
ceresin
citric acid
dimeticone 20
dl-alpha-tocopheryl acetate
Flavour
isopropyl myristate
microcrystalline wax
myristyl myristate
octyldodecanol
oryzanol
phenoxyethanol
polybutene
saccharin
sorbic acid
tetrahexyldecyl ascorbate
tridecyl neopentanoate
vanillin
white soft paraffin