I don’t know what this building was originally used for, perhaps a bank, but the use of colour certainly helps it stand out from the rest.
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The building has a facade similar, albeit less ornate, to that of the ex-Commonwealth Bank in Armidale. So I agree it probably was a bank. The Armidale building, which is also painted pink, has recently sprouted “test” patches of new colour indicating repainting may be imminent. Perhaps some photo-blogger should record the pink incarnation before it disappears?