I think it's not a scholarship in that you get discount on fees, only if you go to MelbUni - i'm not sure about this though, someone clarify this?
I do know that it's called the Kwong Lee Dow Scholars Program, and yeh I'm one, you have to be nominated by your school in semester 2 of year 10 and then answer some questions online and then you get contacted my email/letter in post to say whether you got in or not, it's usually 1-4 ppl from the cohort, depending on the school and size of the cohort I think.

edit: here's a link if you want more info
http://futurestudents.unimelb.edu.au/info/school-students/kldedit2: whoops, looks like you do get a scholarship of some sort
During second or third year University study
You will be eligible to receive a Melbourne Global Scholarship (conditions apply) to the value of $2,500 to study at one of over 160 partner institutions in 37 countries across the world on exchange or in an approved study abroad program.