Public spaces are the loci of complex interactions among multiple stakeholders whose decisions and activities affect places' qualities. The paper builds upon governance theory to provide a holistic in-depth approach in understanding the complexity and quality of the place-shaping processes in public spaces. In the absence of adequate conception of governance in urban design and public spaces, the paper introduces a framework for analysing governance capacity of public spaces and applies the framework to a flagship but highly contested public space in Brisbane, Australia namely South Bank Parklands. The proposed framework encompasses four major components of 1) actors and stakeholders, 2) governance structure, 3) governing tools, and 4) governing tasks. The framework puts special emphasis on the contextual factors, the way public spaces are shaped and governed, and political economy of the space. The case study application showcases the applicability of the PSGF which helps holistically analyse the trends in public space governance structure accounting for the diversity and complexity of all elements involved. The findings reveal that South Bank Parklands governance is mix-structured, hierarchical, and highly political. It is, however, a likeable public space for which civic engagement in the decision-making processes is notably limited.