This is a public statue in the main street of Mt Morgan (central Queensland), in the hills outside Rockhampton.
Mt Morgan once was a thriving mining town rich with gold. Now it is a friendly but quiet and economically depressed community.
This statue is called "Running the Cutter". It commemorates the local custom of mine workers who in the early 20th century bought beer in billy cans "each drinking is cut". That this statue was unveiled by Sir Zelman Cowan, Australia's Governor-General (head of state) in 1982 says much about Australian life.
There are a few versions of the history of this custom. See http://www.mountmorgan.com/history.html#Cutter
For more information about Mt Morgan go to: http://www.mountmorgan.com/