Hong Kong boasts one of the world's most efficient, safe, affordable and frequent public transport systems. The roads are all in excellent condition and well signed, so driving too should not be a problem. However, roads are pretty congested (especially around the city center) and parking is not always easy to find... Moreover, with such a good public transport system, renting a car is really unnecessary, unless you need to visit places that are far from public transport (which is rare) or if you can't walk much... Even then, taking a taxi will usually make more sense.
If you do wish to rent a car in Hong Kong, please note that visitors can drive around the territory with their foreign driving license (provided it is in English) or, preferably, with an international driving license (In any case, it is always advisable to have an international driving license).
Driving is on the left-hand side of the road, just like in the UK and Australia.
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Read more about:
Octopus Card and travel-passes for tourists
To and from Hong Kong International Airport
Hop-on, Hop-off buses
MTR - Subway
Taxi
Buses and Minibuses
Tramway
Train and Light suburban rail
Ferries