What species is it? It definitely needs to be out of there after the first year, assuming it is a baby now (still has the sack). You can keep the australian a little longer in the 55 than the silver, though. They do grow very fast in the first couple of years, so if you have the oportunity to transfer them to a larger tank I would do it asap. Foodwise, they can eat feeders safely by the time they are 4-5 inches, but not in large quantity. The vegetables and supplements are fair game, but if you want more carnage then you could pick up some miniature frogs as well.