There's this City Circle tram which is free of charge. It goes round and round Victoria City. Suitable for first-timer like me to hop onto the tram and go one round to take a look of the 'tofu' shaped city. It's kinda slow but it's very informative coz' as you travel around, the radio will be blaring with information about that particular place.
You may take a carriage ride. That will be super slow and I get impatient once too often. The horses are very well-mannered.
Yarra Trams is recommendable to travel everywhere even to the suburb. That's a fast one. I took it everyday when I was there. Just go to 7-Eleven to get your tickets that will last you 10 rides. There are so many different types of tickets... I see stars looking at them.
Take a train if you wish to go anywhere out of the city. You can take the train from the Southern Cross Station. While waiting for your train to arrive, just walk through D.F.O. for some cheap bargain. When I say cheap, it's actually very expensive if you convert into RM. The only shop that is affordable will be Forever New but not my type at all. I prefer Alannah Hill. My brain did the conversion automatically so, I ended up not buying any clothes except for a dress and a blouse which I stashed them somewhere in my wardrobe now.
For the rich, hop onto the chopper. 5 minutes = AUD100 if my memory is still good. It's freakingly expensive, but I will take a chopper to the 12 Apostles when I'm there next time. That chopper is meant for tourists who want to take a good look of Melbourne from the birds' eye-view.
If you have plenty to spend, get one of the boats or yachts for yourself. I wanted one but it's impossible to keep one in Penang. I might go to the jetty and find myself screaming until the whole jetty collapse if I don't find my yacht.