What about an experience voucher. Red balloon, Freeman X all have many options of what to do from V8 super car drive or be driven, sky dives, hot air balloons, aerobatics flight etc etc.
I would suggest a Sydney Harbour Bridge Climb but it looks like you are in Melbourne
You could always look for an airfare sale combined with a last minute 5 star hotel deal, and get away for a night or two. This of course relies on you having babysitters handy.
If he's the sentimental type what about getting a beautiful photo of the kids blown up on canvas or metal? I think its nice for milestone birthdays like a 40th to have a present that can be kept forever
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