The model and Aussie cricketer held hands at their first official public appearance since their rumoured split, as they posed for snaps at the launch of Liz's label with local brand Queenspark.
The couple, who flew in to the Australian city on Thursday night, were also snapped together at the airport before both tweeting pictures of the Opera House and Harbour Bridge taken from their hotel balcony.
Back in September, Shane denied he and Liz had split, after reports claimed that their two-year engagement was over.
Speculation that the couple had gone their separate ways began after they both went quiet on Twitter and Liz was spotted without her engagement ring.
However, Australian cricketer Warne spoke out saying that some of the reports were "rubbish".
Posting on Twitter, he explained that he and Liz were "sorting through some (private) issues":
Some of the reports re EH & me r absolute rubbish. Yes we're sorting through some (private) issues. But we're not throwing the towel in yet— Shane Warne (@warne888) September 18, 2013
However, Liz also responded to the split stories via Twitter and sounded far less positive about her and Shane's relationship, calling their situation "raw and personal".
Apologies to loyal followers for Twitter silence on recent events. Too raw & personal to share right now.— Elizabeth Hurley (@ElizabethHurley) September 18, 2013