The show is better than the book. That's something I say rarely, but it's my honest opinion. The beginning of both book and show are breathtaking, but fall apart mid way through. After fumbling a time-jump so badly it nearly lead me to quit watching, the show writers take the pig's ear that is the 2nd half of the novel and make it look like a silk purse.
While the show's transition from young child to young adult Alice isn't particularly well done, it's far better than the book's. After the abrupt book transition to Alice as a young woman the story goes to pieces. I understand that both show and book are character-driven (if you're looking for a fast-moving suspense or action drama, don't bother with this show) but in the book the characters stop developing in any way after the time jump. The show stumbles for an episode or so then picks up the threads the book author dropped and do their best to weave both the character and plot arcs into a coherent and compelling narrative.
The soundtrack is fantastic if you like otherworldly modern indie music. The acting and scenery are very good. If you enjoy a bleak, slow-burning character study that blossoms in sparse sunlight, then this Australian drama is worth a look.