I would like to change the way the mailing label prints. i.e.. remove the country, bring postcode down to next line etc. Is it possible to do?
Go to Administer - Localization - Address Settings, and the mailing label format is there for you to edit. You can move, add, and remove tokes as needed.
(For reference, Administer - Communications - Label Formats handles the formatting of label size and arrangement on the sheet.)