I think the VCE system is mostly fair but it still has a lot of flaws like any system.
What you get out,
is a decent reflection of what you put in most of the time (or occasionally natural talent if you're doing rather well or poor subject choice if you're doing rather bad regardless...). There is a lot of choice so everyone out there can be at least partially satisfied and it gives you a good taste of what a certain subject is like and if you would want to pursue it in uni. I can confidently say, i've learnt more last year or this year than i have in the sum of all my other years of education.
My opinion is VCE
is not intended to be an intelligence test (although sometimes it does end up that way; that is not the goal). It tests your capability to work hard and how well you study, which produces an atar score which allows you into uni. People who get rather low atars most likely didnt want to do VCE and want to go to uni, still you need to have a decent amount of study skills and at least do work every once in a while to not make uni a total waste of time.
As for multiple exams, the
more times you would take an exam, the closer the result would be to what you deserve. Though, the argument is, how much closer? For most students i doubt it would differ drastically. Sometimes we forget theres a whole other world out there besides this VCE bubble, as someone else previously stated, running 3 extra exams, would cost 3 times as much. Again from a ultilitarian perspective, i dont really think this is the best way to blow a shitload of tax money (the government is pretty good at that though..), we could probably find something else better to spend it on.
If you look at this from the returns it will generate, in essence "what will we get out of this" it also doesn't work. Those 4 extra exams won't really make you much more intelligent or make you much more able to contribute to the economy, building australia and paying taxes in the long run, so for all that extra money, we're getting relatively little out of it.
The education system in general can be bias against those from a lower socioeconomic status or a crappy school but this is a flaw of the education system, not VCE as such. Some schools will always wind up with better teachers or more resources, SEAS does a little to alleviate this problem but not much, better education funding is best way to go about this but thats outside the scope of the article. An intelligent student will do well in any school but they could do so much better in a better equipped or private school, this holds true for the average student as well.