Barramundi and mangrove jacks are the main target with the former averaging about 12lb and the latter averaging about 4lb but macking up for their size with attitude.
Other common species include grouper, barracouda, bartailed flathead, queenfish, GT's, mullet, murray eels and sand sharks.
For bait you can use whatever is available with squid being easy to obtain, easy to set up on a hook and cheap and sardines being a good alternative if you can get them fresh. Prawns arn't so good as the ones available are often freshwater prawns and don't make great sea baits.
Baitfishing will see you plagued with catfish and eels so why not put some lures in ?