This is a quick update, as the main filming location used in the song in question has already been documented here – Port Arthur Historic Site, Tasmania. This lighthouse here comes for a few fleeting seconds of the same song – Ale Ale from the movie Boys. A quick search on the lighthouses in the Tasmanian Island led us to the discovery of this filming location used by Shankar & crew.

About the location (from here):
The Mersey Bluff Lighthouse was established in 1889 and is built of bricks on a stone base. It replaced a succession of beacons and obelisks that had formerly stood on the site. It also replaced the earlier Don River light. The lighthouse stands on top of the bluff to western side of the mouth of the Mersey River in Tasmania north of the Port of Devonport. The lighthouse is unusual in Australia with its distinctive vertical red striped day mark.

Movies shot at this location:
Ale Ale song from Boys