Unfortunately, Port Macquarie does not have a reliable or useful public transport system which can make getting around difficult. While buses may run to most places, they often run at odd times, and terminate early in the day. The most useful bus route is the Shelly Beach - Town Centre route, which seems to run quite regularly, and is the best way of those without a car getting to the beaches and lighthouse. Other than this, don't bother with the public transport, it isn't worth the aggravation.
Fortunately, Port Macquarie has a great many places to walk to from the Town Centre. From here you can quite easily walk to many beaches and some attractions. Because it has such a compact CBD, you won't have to walk far to get to restaurants, shops and pubs if you stay in town, or nearby.