Everyone who is sitting the exams is faced with exactly the same situation; hence it is fair. How people react to the stress or the pressure to perform is where the discrepancy arises. Though, if one is thoroughly prepared and feels confident with the material, then they are likely to be less nervous. Alternatively, if one accepts that however they go on the exam that if they try their best the result doesn't matter in the end, the pressure is relieved.
It is people who believe that VCE is their only option, that if they do not meet their pre-determined standards then they have 'failed' - they are the ones who mount stress upon themselves. There are other options. It is a narrow-mindedness of these people that has created a stigma whereby exams are widely perceived as - and through this perception become - ineffably stressful experiences. Ironically, through their fear mongering they actually decrease their likelihood of success.
If year 12 students do well they can possibly achieve their goals faster, but in stressing they only do themselves a disservice. If people would realise that the progression of their life does not depend on these exams, then they would transform this notoriously stressful time of their life into simply another year of learning.