@iamjin hi, as far as i know, this visa are for those who have completed their degree in accordance with the Australian study requirement. To quote from the DIBP website:
<b class="Bold">The Australian study requirement</b>
In the six months before you apply, you must meet the Australian study requirement. You meet this requirement if you can satisfy us that you <b class="Bold">have completed one or more degrees, diplomas or trade qualifications for award by an Australian educational institution</b> as a result of a course(s):
that is registered on the Commonwealth Register of Institutions and Courses for Overseas Students (CRICOS).
for which all instruction was conducted in English
that were completed as a result of total of at least two academic years (92 weeks) study
that were completed in a total of at least 16 calendar months
that have been undertaken while you were in Australia as the holder of a visa authorising you to study.
English language proficiency courses or enabling programs cannot be used to meet the Australian study requirement. "