It’s a double degree - Bachelor of Science or Bachelor of Arts/Doctor of Medicine. The BSc/BA is an undergrad course and the MD is the same postgrad course as for anyone else. It’s still seven years of university studies. The difference is not having to compete with the thousands of applicants who have to sit the GAMSAT. It would be interesting to know if these students also apply to other med schools which offer undergrad med courses, how many get offered places at other med schools (since others use UMAT/UCAT & selection interviews) and whether they choose a shorter undergrad med course over this double degree.
UAC link -
https://www.uac.edu.au/undergraduate/courses/usyd/513715.shtml
ETA: These students would be automatically eligible for the Dalyell Scholars program for their undergrad degree. If it’s like its predecessor, Science Talented Students course, students can replace forty percent of the usual coursework subjects with research of their choice, so are able to do interesting research and start publishing research papers as an undergraduate.