Don't bother with that... get a red travelpass for $35. It allows you to use the ferries, trains and buses (without the two explorer routes) within a fairly extensive area of the city and surrounds.

If you want to go a little further out, to Manly for instance, the green travelpass is only $43. Far better value than the rip-off tickets sold to tourists...

www.cityrail.info/fares/travelpass.jsp

Yes, I quite agree! Either buy a daily 'all zones' ticket (From 18th April it will be called 'My Multi 3 Day Pass') for AU$20 or get a weekly ticket - Under the new system being launched 18 April 2010,the 'My Multi 1' weekly ticket will cost $41 and cover pretty much everything tourists need, including the iconic Manly Ferry and the bus/train to the airport (though as the airport stations were built as a Private Finance Initiative, everyone going there pays a surcharge on their ticket - which pass holders pay at the exit barrier)