Cruising Helmsman gives little information about the vessel (there isn't an article linked to the boat in that issue), apart from its name, Isabella, and that the photo was taken in the Great Sandy Straits.  That's Fraser Island in the background near the Kingfisher Resort.  I passed through the Straits a few weeks ago but have not seen Isabella in my travels.  The notes on page 3 are also misleading, describing the boat as gaff-rigged, junk style, whatever that is supposed to mean.  I think they are confused by the fact that the yard hauling parrel is slack, allowing the yard to move well aft.  It would appear that they are in the process of either reefing or hoisting sail.