This is the Whitehorse monument which stands in the suburb of Box Hill. It was erected in honour of the first hotel in the area, located nearby in the late 1800's. Back then the area was way-outa-town of course, but now it is just a suburb of Melbourne.

Raw photograph, converted with powershovel, levels/curves/crop/resize and unsharp mask in photoshop.

The dedication reads:

THE WHITE HORSE. Which stood from 1895-1933 on this porchway in front of the famous coaching hostelry of that name. Built near the Elgar road toll-gate in 1853 and one of the councils first meeting places. Erected on this site 1934.