I studied & worked at QUT from 2006 to 2012 and visited the Art Museum many times. I recently came back as a patron (still free entry!) and not a lot has changed in over 10 years (same space, layout etc). It’s a small contemporary art gallery that has some interesting work (internally curated exhibitions, commissioned projects, touring exhibitions). Traditional art you will not find as it leans towards edgier post-modern art (sculptures/installation art, use of multimedia, etc). It’s right opposite the Botanic Gardens and a convenient stop off while exploring the city.
Fortunately, I feel that the building is pretty. You can go and see if you haven't been.
The Queensland University of Technology Art Gallery is one of the most important modern and contemporary art museums in the world.