Yup definitely the indicator stalk. My VS was doing the same thing and the headlamp flasher function was not working at all. 23 year old car, 250k etc.
Got a new one off Ebay for about 25 bucks. Took about 20 minutes or so to fit.
For safety you should disable the airbag by disconnecting the battery negative and remove fuse #18 from the fuse panel under the steering column and separate the YELLOW wire at the connector just under the lower steering wheel cover. That way it will not go off in your face as you work on the flasher switch. Not something you want to mess with!
Then there are 4 screws under the steering wheel cover which you need to undo and just pull the rubber boot back over the indicator stalk. You will also need to pull off the key reader ( it just slips over the lock cylinder and has a wire attached) I left mine connected and just hanging. If you separate the two halves of the cover and drop the wheel down you can reach in and squeeze the 2 latches on the side of the switch and it slides out on a little bit of a track( you can see the side clips in the Ebay pic). Just unplug the 2 plugs having a bit of a look at which is which ( they only fit one way anyway). Just plug your new switch in same as the old one and test it before you put it all back ( just sit the negative lead on and then disconnect it again) Then it is a bit of a fiddle to stuff it all back and slide it in on the little track it has, put the cover back together and then roll the rubber boot back and tuck the first bit inside the cover. The key reader just slides over the key barrel. Then make sure you re enable your airbag by connecting up the yellow wire, putting number 18 in again and of course fitting the battery terminal on. The Ebay store I used was from a forum members recommendation and I was very satisfied.
https://www.ebay.com.au/itm/INDICAT...330390?hash=item280b6c2c16:g:bIMAAOSwoudW~H32
