This statue of an eagle was created by artist Bruce Armstrong from timber, aluminium and glass. It marks the southern entry to the Docklands area (which were once docks but, as with many such areas in many cities, aren't any longer).
A statement by the artist can be found on a plaque on the Collins Street bridge that this shot was taken from:
"I was not trying to make a particular bird, bit rather a kind of archetype of a bird.
I wanted to create a feeling of brooding watchfulness..."
It looks more bored, or possibly daydreaming, than brooding to me.
"Hmmm, what time is lunch today? I might have a mouse for lunch. Of course it'll need to be a BIG mouse..."