The more I look at the belt I'm starting to think it's a firemans belt circa 1970's
The belts I remember did not have the D rings and the firemans axe attached via a leather loop in the axe pouch but there were various types available.
Slightly before my time and I've been a firefighter for 29yrs, we no longer attach equipment to belts but this could definitely be used for such a thing.
Belts back then were always made of leather and were slightly longer than standard so they could fit around the fire tunic with usually a hand axe attached in some fashion.
Back then everyone had their own personal issued hand axe in a leather pouch.