This is possibly Elizabeth Burden O'Halloran who was born on 9 Dec 1865, the younger daughter of James O'Halloran, a tanner, and his wife Elizabeth Rosevear of Burn Street, Invermay. Two Misses O'Halloran sang soprano in the Tasmanian Exhibition Choir in 1891-92, one with the initial 'B'.
Elizabeth died on 4 Jun 1953, aged 88, at the Launceston General Hospital. Her funeral service was held at St George's Anglican Church, Invermay, and she was buried at the Carr Villa Cemetery in Section B 332 with her sister Mary Anne.
Elizabeth's sister also appears in the Album and it is possible this photo could be her. Further details of the family appear with Mary Anne's entry.