The transfer between States is only very recent and may not apply to all scenarios. With a cancelled licence in Vic, someone who shall remain nameless relocated to QLD and got his licence up there nearly 2 years ago. However he has since gone to renew his QLD licence as he eventually moved up there anyway and his Vic points have now been added. This was back in August.
I came to Australia at 19 with my UK licence (the UK licence used to be on watermarked paper before photocards). I was able to drive freely with no P's and once I realised I would be here longer than 3 months, sat my test. I only had to do a theory test as the UK test is hard but the main reason for getting the Vic licence was to start getting a credit history. When they issued it, they put a black stamp on my UK licence saying Vic Roads Licence Issued XX/XX/XX. This was incase I handed my paper one over if I was stopped. Just applied for a new photocard one a few weeks later and said I had lost my UK paper one.
As for points, they don't accrue on an international licence, however if you are Aussie living O/S but back here driving on holiday and get pinged with a camera, they will pursue to your country of residence! This is from experience.