The address is: Level 1, 432 St. Kilda Road, Melbourne.
Tel: (613) 9573 5400
Map link: http://www.kln.gov.my/web/aus_melbourne/location_map
Roadside ticketed parking is quite ample when we were there at 9am on a Monday.
What you need to bring:
(a) Your old passport and your Malaysian identity card.
(b) 2 photos. See requirements: http://passport.my/Passport-Application/Malaysia_Passport_Photos_Size.htm
(c) Photocopies. Make 2 photocopies of the passport (just the photo page), 2 copies of the Australian visa page, and 2 copies of the front and 2 copies of the back of the Malaysian i/c.
How long it takes:
We obtained and filled out the form at the consulate itself. Including wait time, we spent a total of 1 hour there. We were told to go back in 3 weeks' time to pick up the new passport.