I think this very impressive art deco balcony and verandah is bolted onto an earlier version of the hotel.
This is the Newmarket Hotel. "Kynetons Premier Nite-Spot" or so the banner on the front reads.
Off to the right there is an extension in deco style but the underlying structure of the main part of the hotel looks older to me.
According to the Australian Heritage website, there was a Newmarket Hotel in Kyneton in 1870. The site relates the story of the bushranger Ned Kelly having appeared in the local Court House on charges of robbery under arms was held at the Newmarket Hotel at police expense for three weeks after the charges were withdrawn while money was found to pay for his return home to Greta.
If this is the same Newmarket Hotel where Ned stayed in 1870 then it must have had a makeover 50 or 60 years later to create the magnificent Newmarket Hotel in this picture.