These exemptions say: "student or pilot under the control of the operator", so clear as mud.
Both RA-Aus and CASA are fully aware that under all these exemptions, the operators allow hire and fly with passenger at the end of training and they have not taken issue with it.
So expect it to be the same here; "graduates" will be able to hire and fly in CTA from this school. Obviously, they can't go hire a jab at Tooradin and fly into the CTA because they would in no way shape or form be "under the control" of Melbourne Aviation.
Interestingly enough, most people assume this is only for the local Delta. That's not true, it just says "controlled airspace". Nothing stopping you from going into the MEL Charlie, or even flying to SY.