There was one painted in 2013 but it was removed. So there was a real push to have one that would remain indefinitely.
I took the photo below just recently, right after this year's Mardi Gras. It's obviously weathered a lot of foot traffic over the past year, so the colours are a bit faded. I suspect the City of Sydney will give it a fresh new coat of paint before long to restore it to its original condition. That's shown in the bottom photo, which I took just days after it was unveiled.