I thought that would have been the case as well, and it came as a shock to find out that it wasn't amongst the list of approved courses.
My understanding of this (don't quote me, I could be wrong) is that teaching institutions (Victorian or other) approach the Vic Board in order to get their course approved. This isn't an automatic process, and involves considerable cost as well as time and effort preparing the submission. The list of approved courses is available on the CMRB web site, here's the link:
http://www.cmrb.vic.gov.au/registration ... urses.html
So while Victorian courses don't automatically get approved just because they are Victorian, it's in the best interests of Victorian teaching institutions to get their courses approved in order to facilitate registration for their graduates.
As Victoria is the only state which currently has registration, there is really no incentive or interest for teaching institutions in other states to get their courses approved, as people who study in NSW for example will most likely practice in NSW.
It will be interesting to see what happens when the other states introduce registration. I suspect the same thing will happen, and without a national registration system I think a lot of people who end up moving interstate will be required to demonstrate competency in their new state.
It's very frustrating to me personally, as I have done the Bachelor degree, have done a PhD in acupuncture research as well, have been involved in acupuncture clinical trials for 6 years and in practice for 8 years, yet I still have to sit this exam. Hopefully I'll pass, (it includes all the western medical science subjects as well, so I have a lot of revision to do in the next 3 weeks!) and can back to treating patients.