It looks like it's one of the Alocasia, Colocasia group of plants. There are many varieties and your local nursery will be able to help you.

Julie Herbert - thank you sooo much!!! I have seen these trees and wanted to know the names of them :) ...and now i know..I was googling fireworks trees hahaha. Thanks again!! I'm sooo happy now~

Thanks all for your ideas and suggestions. We do plan on waterproofing :) I’m in Perth and the area gets probably about 6-7 hours of full morning sun and then part sun in the afternoon. The Murraya peniculata looks nice, does it have a nice smell? Could I put a smaller plant or hedge in front of it? And how often does it need to be watered? Another idea was to put star jasmine on a trellis and a smaller box hedge in front. Or those plants that look like a hedge ball (if that makes sense haha). Thanks again :)

Hi Hu, What a weird and wonderful looking plant that is, could it be an epiiphyte succulent? Take your photo to a specialist nursery like Gardenworld collectors corner (Melbourne) for identification, how fabulous