From what I remember John there's a belief that its standard
for all ranks to salute the bearer of a Victoria Cross, but there
is no official requirements appearing in the Warrant of the VC
(1856?) nor in any of the Queen Regulations and Orders. But
it seems that tradition dictates it occurs, and all the Chiefs of
Staff will salute a Private (equivalent of a RAF AC) awarded a
VC.
In the RAAF a Victoria Cross holder of whatever rank will stand
on the dais alongside the highest commissioned rank during a
Parade passing out salute.