Yeah, likewise. Do you use FB/some other social media? I need a FIT2014 buddy
It's the exact same as your year 12 preferences.. if you don't get your first pref, then you get your second pref.
This means you didn't get into Arts/Econ. You got into Arts/Comm.
I'm almost positive it doesn't work as you say as you can receive two offers simultaneously. I was successful in my applications to both eng/sci and sci last year and received an email for each.
It might be different if you do it through VTAC, but I didn't even know you could do that for internal transfers or why you would to begin with.
As for them not telling you if you are unsucessful, that seems strange. I know that the faculties I went through said they would send emails of the result (seemingly insinuating they would tell you if it was successful or not), but maybe not all are the same. Either way no harm done in contacting the faculty to see if they have made a decision yet, extremeftw.