Luna park is a funfair right on Sydney Harbour, practically under the Harbour Bridge. Alongside it there is a boarwalk around to the next little cove, Lavender Bay. All along the boardwalk are some little sculptures. This one is of the famous "laughing face" entrance to Luna Park.
It is part of a "Comic Walk" of12 sculptures created by Peter Kingston, who was an artist at Luna Park until the 1979 fire.
You can find out all about the real thing here. It's been there since 1935. I used to love going there when I was a kid, but sadly my two favourrite rides are no longe rthere: the Ghost Train (closed after a tragic fire which killed seven people), and the Big Dipper (closed after nearby residents complained about noise.) The Big Dipper now runs at Dreamworld on the Gold Coast, apparently.