Not so much a place; as more of a negative state of mind.
It is situated in the northern part of Tasmania, which is an Island on the southern part of Australia. Launceston is a complete shit hole and in light of this you should never go there. Ever. Being there for more than a few minutes generally results in the loss of the will to live.
If you do get banished to this awful place, be sure to avoid the Brisbane Street Mall at any cost. The rest of Brisbane Street to the east of the Mall is okay. You should only go to the west of side of Brisbane Street past the Mall if you want to see a film or buy KFC.
Due to the largely inbred population of Launceston, and indeed, Tasmania, nice places in Launceston are rare. One such exception is George Street, which is generally bogan-free and is filled with some of the more upper-class shops such as The Mac Shop (the closest thing Launceston has to an Apple Store). Another nice place to be is Civic Square, which has some nice grassy bits and fountains and is near a nice big clock.
Geeks often find a home within the Library or EB Games or Play By Wire or the Museum.
If you want to buy a sword to fight off the locals, you would be advised to visit Dark Ages Emporium, as they have a large range of quality swords and other weapons.
Some of Launceston's parks are quite nice, such as Princes Square, which is filled with trees, grass, seats. a fountain/pond with fish, and some lovely homeless people and junkies. Another nice park is City Park, as it has monkeys.
To cap it off Launceston is officially the boredom AND bogan capital of the world.
All in all you would be best advised never to come anywhere near Launceston. Ever.
Launceston is a hole.
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