The council in question for Albert Street is the mammoth City of Melbourne. Who have currently just started completely re-writing one of the major Melbourne CBD streets (La Trobe St) to be more 'bicycle friendly'. I think they are doing more of the same as in Albert Street except they may be putting in the extra cement island (like Swanston Street) just to spice things up.
Apparently the shop keepers are already being told that the new bicycle lanes are not the place to put their rubbish bins on collection days.
I don't like the Albert Street set-up because of the intersections and because the supposed segregating bollards do absolutely nothing to deter people illegally parking and blocking the bicycle lane ( taxis are repeat offenders in this regard even during clear way times). Not to mention that the distance between cars when parked and the bicycle lane is insufficient for the opening of doors so if I'm riding past after 6:30pm every parked car is a potential dooring. And don't get me started on peds thinking it is an extra wide footpath.
I do like the segregation aspect though, especially when I sail past the cars all banked up waiting to turn into Hoddle Street in the afternoon peak.
And compared to the gutter lane in Collins Street that passes for a bicycle lane ( less than a metre wide and half is the gutter) it is luxury.
I should post pictures of THAT joy in peak hour.