It sounds like a typically Australian procedure to me (ie different to the rest of the world).
A normal monitored approach has the F/O as PF, Captain monitors and decides at DH (on the F/O's call), either takes over and lands, or says "go around" and the F/O initiates the go-around. As you rightly say, the transition from instruments to visual in poor vis and very low level is tricky, and you absolutely do not want to be "heads in" at that point, you need to be looking outside in anticipation of becoming visual.
Your procedure also seems to be a very poor example of CRM to me. Apparently, all the F/O does is raise flaps and gear.