CASA do not consider Raaus aircraft to be Australian Registered and CAO 20.16.3 clearly says that it only applies to Australian Registered Aircraft.
A similar situation exists around using an Raaus aircraft for an CPL and ATPL. You can troll through the regs and you will not find a reference to the hours counting towards a a CPL and ATPL unless the aircraft is Australian Registered. Therefore, how are pilots using their Raaus hours towards their CPL and ATPL? Because there is a letter floating around from CASA that says that CASA will recognise 50% of the hours being flown in an aircraft on the Raaus register.