NOOO, it's fine!
There's a way to solve the problem.
The problem is if OP meant there were perforations on
each pageAt my school
(not necessarily against VCAA rules, but iirc it is) this is not allowed:

You're right BasicAcid, if the spine is like this:
This is okay + duct tape at my school

or

Then
you can duct tape the spine because each page is securely attached to the spine
Go check with your school's VCE co-ordinator as soon as you can; they'll be at the exam hall on the day. Ask them if what you've got is okay - if they say yes, the supervisors aren't going to confiscate it.
PLEASE samsiexD DON'T LEAVE IT THAT LATE!!! I've seen it before, people rock up on exam day with spiral bound reference book or whatnot and the stress of duct-taping it together on the day... =S And imagine if you ask on the day and they say No.. its not allowed =O
Check with your methods teacher + VCE coordinators as soon as possible!!
One final note:If it does turn out that your reference book is "illegal" because each page is perforated or whatnot, ask your methods teacher / a nice teacher who likes you to do it for you

there's a reason to this madness, at my school the printers in the staff room are massive and have like a gazillion functions. One of them iirc is that you can place an open book on it and it will photocopy it out as 1 double sided A4 sheet. It will be
much faster than you trying to photocopy each 200 page one by one...
After you've got it out all double sidedly and stuff, you can glue it / bind and duct tape it together

GOOD LUCK
EDIT: spelt gazillion wrong 