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The best place to exchange cash in HK is at Chungking Mansion on Nathan Rd in TST. It's opposite iSquare and you'll see at least half a dozen money changers on the ground floor. The second WU on the right usually has the best rates for AUD. I can recommend Spring Deer on Mody Rd in TST for the...

I always bring Aussie or U.S. cash and convert at a money changer when I need to. The rate is much better doing it this way compared to withdrawing local currency using an Aussie bank ATM card. So depending on the length of the trip I'll take between $1-8k in cash and make sure I don't lose it...