It is practically equivalent to MTH1030, first year calculus.
For people who have done specialist, the usual first year sequence of math is MTH1030 + MTH2010 (multivariable calculus). Hence the year's worth of enhancement math only credits you for ONE semester-long unit. This is partially due to the contact hours (2 per week) compared to a full unit at uni (for maths it is usually 5 or 6 per week), hence a semester's worth of coursework is dragged over a whole year.
The two units are done in sequence, MAT1055 and MAT1085.
MAT1055 is fairly simple, nothing incredibly hard, nothing incredibly interesting, nothing incredibly fun, just a fair bit of background work to get VCE kids from the methods level to the uni level (so fairly intensive curve sketching, differentiation, some matrices).
MAT1085 is where the fun stuff come in, methods of integration, series and sequences, ordinary differential equations <3