I've never seen one of those before. But I suspect you're right about it being some sort of sewer relif valve. There appears to be a cylinder above it, and a trap door in the far wall. It would be great if you could stick your camera down there and get a shot looking upwards and further in.
I suspect the weight normally holds an overflow door closed and the cylinder is a float that opens the door. Or it could be a flood gauge. The cylinder flips a switch that somewhere indicates the drain is flooding.
All speculation of course. Which drain is it in? Or Which suburb is the drain in? Please don't advise the exact location.