Really? As in study exchange, not just placement exchange during the holidays? For us in pharm, it's theoretically possible to have a study exchange but it's very difficult to organise because of different equivalences between subjects, so I'd imagine med was the same?
I should have been more clearer, our exchange is for clinical placements which are years 3, 4 and 5 as they consist almost purely of clinical in rotations such as emergency, neuro, geriatrics, surgery, general practice, peads, etc at different hospitals, with different academics, etc it's all hands on and what you learn is very supervisor dependant, so it really doesn't matter what rotation your doing or where you do it, the med school will check your learning and supplement it with it's own teaching conferences, etc. Also we don't really get any 'real' holidays (only a a couple of short weeks off each year) during years 3-5 at UWS, because it's a 6 year curriculum crammed into 5 years, a huge downside to 6 year courses, etc (at least we grad a year early!)! However, there would need to be an academic supervisor at the clinical placement to oversee what we are learning/have learn't corresponds to the learning guidelines. As mentioned before we have conference weeks, or lecture series weeks every semester in years 3-5 to make sure students have learn't/see everything that they need to. I presume it would just be delivered online for students on overseas placements and at year long rural clinical schools placements. We also Objective Structured Clinical Exams to make sure we have learn't certain procedures, during our rotations, etc.
Overseas pre-clinical exchange would be virtually impossible at any Australian/NZ medical school due to specific university curriculum accreditation with the AMC.