As it is, from CASR:
pilot in command under supervision means a pilot, other than a student pilot, who performs the
duties and functions of the pilot in command of an aircraft under the supervision of a pilot who
is authorised by the operator of the aircraft to conduct the supervision.
I see no contradiction of 61.095 here: "other than a student pilot" is compatible with 61.095 (1) (a), i.e. the person holds a pilot licence.
In fact, I find the CASR rather clear (in this context, that is). It's CAAP 5.81-1(1) that I find rather confusing when it comes to logging of flight time for BFR.