On the corner of Elizabeth Street and LaTrobe Streets in Melbourne you have access to Melbourne Central a major shopping center in the heart of the city. A number of smaller restaurant/cafes have opened up at the bottom of Melbourne Central Tower so don't get lost inside with the shops - there is Kikki.K's the paper store just off Elizabeth Street under the tower and check out places like Cafe Era.

If you're looking for a motorbike, there are a few places along Elizabeth. I guess you can almost get anything here. There's also a Minator comic book store and some really nice book and paper shops along between LaTrobe and Bourke. Once you get to the corner of Bourke and Elizabeth St you are at the beginning of Bourke Street mall. There is a large building called the GPO, this actually used to be the main Melbourne Post Office building but the transformed it into a high end shopping center. There are some nice little cafe's nestled into the bottom and a great place that sells flat bread pizza nestled into the back of this building on Bourke Street near Elizabeth St.

Incidentally the street is named after Queen Elizabeth, you should note the order of the streets - King St, William St, Queen St and then Elizabeth Street - King William, Queen Elizabeth.