Situated on Elizabeth Street, it serves daily commuters from suburbs, nearby cities, and towns including Clarence, Glenorchy, Richmond, Cambridge and Kingborough.

Serving as a central transfer point where passengers can switch between lines, the interchange has a long history of public transportation, previously offering horse-drawn carriages, trams, trolley-buses and taxis.

[4][5] The upgrades include double the sheltered space, 3-meter-wide pedestrian footpaths, additional seating, improved lighting and bike racks.

[6] Commencing in 2017, work on the upgrades was divided into multiple stages[7] as a means to minimise disrupting services[8] and the bus mall reopened in October 2020.

The plan included concept designs of a new revitalised Elizabeth Street interchange featuring a sunken courtyard with a stepped profile, Macquarie Street as an overpass bridge, with rapid transport electric buses, premium bus stops featuring digital signage and amenities.

Infrastructure Minister Rene Hidding announced that if the Liberal government was re-elected, they would take over management of Davey and Macquarie streets from the Hobart City Council.