At the posted co-ordinates you're standing near north western the corner of the David Jones building with its metal leaf sculptures on the wall above.
There is a heritage building to the west, look up at the metal maple leaf near the top. You'll see a "special message" for the developers of the David Jones building on the stem. This has been here since 2000.
On to the cache...
There is a circular manhole cover at the posted co-ordinates (not on the main road!) with the word "WATER" stamped near the top.
Near the bottom of the manhole cover are some numbers to find:
A0kg and 1BCD88
Q = A + 1
R = B - 1
S = B + D
X = C + A
Y = D - 1
Z = C - A
GZ can be found at:
S 34° 55.QRS
E138° 36.XYZ
GZ in one of Adelaide's parks, a nice walk from here, approx 1km away. Please use stealth, GZ can be muggle central at times. Can be done at night, but I wouldn't do it alone for safety reasons.
Update: June 2012: Unfortunately there is building works, and the "sculpture" has been taken down. Hopefully it will be restored. A newspaper article about the finger is attached.