I noticed two of these appeared in Rundle Street awhile back in yellow. Interesting design. Presumably cheap to install. I guess they are replacing that bunch of bike racks that got replaced by a car park near Rundle Street and Frome Street.
Hopefully they were the similar product from the Australian company Cora that has all manufacturing in Australia and uses Arrium steel, not shipped over from Britain.
I agree with post-mounted parking rails, good idea when you have existing poles and don't need any more obstructions on a footpath. The lack of need to dig holes in the ground would be where the savings are (although it is a proprietary design so you don't get the full savings) as council work crews are very expensive.
Cyclehoop also has this hoop stand which would be more fitting than the 'standard' silver hoop in areas of heritage architecture like the Port Adelaide waterfront, and easy to install via bolting into the surface rather than digging holes.