Many thanks Wesley
Nice bike - from the overall lines of the frame its definitely something from the 80s.
The head tube is relatively short, so I'm guessing this is a smaller frame, maybe a 50cm or less.
The pronounced curve of the front fork became straighter as time went on due to manufacturing changes. Also the right fork tine has a lamp mount which was common for the time.
The three silver cable clamps on the top tube are more of a 70s design, but they may not be original.
The bike has U brakes rather than cheaper calipers, so its a mid-range bike not a budget bike. These require a cable stop, so are probably original equipment.
I'm sure the chainrings tell a story too - they have quite a difference between the large and small, in terms of tooth count.
Your rims are interesting - I can't tell if they are steel or aluminium (ie replaced later)
The only damage I can see is the two stays holding the rear of the front mudguard. Normally they'd be straight, not bent up which suggests something got in the spokes once. Minor as long as nothing's rubbing.
I suggest you clean that filthy chain and cassette, then relubricate. That blackness is suspended grit which is slowly grinding away at the components of the transmission.
I would call this a touring bike from the early 1980s. Its not a race bike, but that crankset would help it get up hills when loaded. The better brakes also help a heavily loaded bike come down the other side.
Overall, looks like a loverly bike and a pleasure to ride.
Adding information to Criggie's accurate answer.
This is not the same bike but it is an Olympic and the style of decal matches your bike.
Your frame has the wrap around stays and this one does not.
I don't view an ebay post as authoritative. The add says it's a 1980 - that's possible - but it's also possible that it's more like early 80s as opposed to exactly 1980.
I'm still searching for a catalog or something more authoritative.
Falcon Olympic 1980
Make: Falcon Cycles
Model:Olympic designed by Ernie Clements
Size:Seat Tube: C2C 54cm , Top to C BB 55.5cm , Top tube C2C 55cm front to back 58cm
Tubing: Reynolds 531
Brakes: Weinmann Vainquer Black Label Centre Pulls
Brake Levers: Weinmann. Hooded
Crankset: Sugino Super Maxy - 52 - 42
Crank Arm length: 165
Shifters: Shimano 600 Arabesque
Rear Derailleur: Shimano 600 Arabesque (Long Cage)
Front Derailleur: Shimano 600 Arabesque
Freewheel/ Block: Shimano 5 Speed
Hubs: Mailard Large Flange