This oiled steel sculpture is by NSW sculptor James Rogers. The Hokusai mentioned in the title refers to Katsushika Hokusai (1760-1849), who created a series of wood block prints in the 1820's including The Great Wave off Kanagawa. (Even if you don't remember the title, as I didn't, you'd know probably the print if you saw it. In Japanese art terms it's probably equivalent to what the Mona Lisa is for western art.)

The other inspiration for the sculpture was the 2011 tsunamis in Japan. The sculpture is intended to be an allegorical depiction of the movement of water that can deliver both joy and destruction.

No, me either. However much of art is as much in what the individual viewer sees in it as in what is actually there.