In tramway parlance, that layout is called a 'grand union'. There are about 20-30 left in the world (mainly in Europe, but Toronto has a few). This is the only one left in Australia, and was the only one in Victoria. The straights and north-west curves have daily public service; the south-west and south-east curves are used for trams running from/to Glen Huntly Depot; the north-east curves have no regular use, but are used when there is a need to divert. That occurred for a week earlier this year, when track in Balaclava Rd was being relaid. I think that the era of special trams for Caulfield races using them has passed.
Here is a photo in an earlier era. W2.552 turning north to east at the grand union, with Mobil in the background (the block of flats was built on that site):
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Roderick B Smith
Rail News Victoria Editor