From
http://www.casa.gov.au/fcl/licence/index.htm :
If you operate an aircraft in Australian Territory after 31 December 2005 and you need to hold a licence issued by CASA, you must have a current AVID or ASIC. An AVID is valid for five years before being renewed.
So, if you have an ASIC, you don't need a photo license. Makes sense to me. ASICs are the far more useful of the two, so if you desperately only want one, get the ASIC. But - if photo licences are free, AND make it $50 cheaper to get an ASIC, whats the problem in getting both?
CASA's sample photo licence. (taken from their website)