Your IoTaWatt is timing out while downloading the release. This is an old problem that only occurs in Australia. My belief is that there is some kind of bandwidth limiting going on. After the last episodes in June 2020, I increased the timeout and that seemed to work OK. Most folks in Australia have been sucessfully upgrading since 02_05_09.
But that doesn’t help you, you are on a post 02_05_09 release and still having trouble. There are several ways to stop the repeated restarts and a way to manually download the release to a computer and install on your IoTaWatt. It’s detailed in this post from June 2020: