A student pilot is a student pilot with or without a GFPT.
Car 5.72 refers to the authorizing instructor not the student pilot.
A GFPT is a defence to a prosecution (and we are talking about strict liability here) of the INSTRUCTOR if they have given permission for the student to carry passengers. I don't interpret that as a "passenger carrying privilege" but I know a lot of people do, and it's their liability so good luck to them.
I have brought the issue of CAO 40.1.0 up with CASA a few times and never got a satisfactory answer about the logging of flight time issue as applicable to a student pilot carrying passengers.
Much easier and much better value for the student to bypass the GFPT (all elements of which have to be tested again at PPL anyway)and these legal grey areas, save a couple of thousand bucks and proceed directly to the PPL.