It's Des Voeux Road Central at the junction with Ice House Street and hasn't changed much to this day. The bridge in the background is still around (though perhaps slightly remodeled), New Henry House on the left is pretty much as it is today as is the square windowed building behind the walkway (Gloucester Tower). But the facade immediately behind the tram is the Bank of East Asia, and it looks like the film crew caught it just as that particular frontage was just completed (the concrete looks a bit fresh).
Anyway, you can judge for yourself by looking at the following Streetview capture. What is nice to see in the above pictures though is that the single deck tram carriages were still in use at the time.