The text reads:

A new look is on its way

As part of the plan to enhance your future visits, construction activity and upgrade works have commenced in the Settlement Mall and surrounding areas.

Works or no works, your favourite store is keen to see you! Businesses will be open as usual and accessible via pedestrian walkways.

Find out more ria.wa.gove.au/major-projects

This sounds like a similar fog-signal system to what was installed at Rottnest: https://trove.nla.gov.au/newspaper/article/238687746?searchTerm=fog-signal

The continuous chain of the Wellington version seems more likely to have been a rope here (because the top wheel is not notched).

On Kings Way, Rottnest Island, Western Australia.

The front of the boathouse in Thomson Bay.