He's like the chairman of a company. The CEO (vice-chancellor [Chubb]) does all the day-to-day management whilst the chairman/chancellor with the board/council is responsible for setting the broad general vision for ANU and making sure the v-c and senior management are meeting their goals. Generally its seen as pretty hands off, but sometimes a chancellor and vice-chancellor can be at each others necks (cant rememebr exactly, but i think Macquarie and New England had that problem).
Oh and Sammy: Beazley's academic history consists of his 2yr stint as Education Minister in the previous Labor Government, and teaching politics/IR at UWA, which he would've been doing since he left parliament (2007 election) or since he lost the Labor leadership (2006).