I'm sorry to hear you've been subject to racism. It's really one of the most vile things that a man can do. The best way I've found to deal with it is to just remind yourself that they're scumbag nobodies and that what they have to say about you is absolute bullshit. Because any racial insult is. I think that generally, this embodies the correct response:
Honestly, it shouldn't really affect your VCE. Your scores are ultimately about you, not what anyone has to say about you - even if it is very insulting.
As to the 'reverse racism' stuff, this isn't the imaginary non-existing tumblr world.
Racism is a terrible thing, no matter who's subjected to it. To be honest, this "privilege" stuff is complete bullshit. Even if one has been subject to racial abuse by a member of the majority, that does not give them the right to abuse other members of the majority. Two wrongs certainly do not make a right, especially not when dealing with something like this. This isn't the case of opposing systematic institutionalised racism - this is not the case in Australia. At worst, we have to deal with some dickheads who have nothing better to do. Your race does not determine the opportunities available to you in life.
The only exception to that is racial discrimination which serves a legitimate purpose, such as positive discrimination. Even then, it needs to be reasonable and narrowly tailored.