I agree with Clare’s points.
There is a definition of the term “student pilot area limit“. Perhaps it might help interpret CAR 5.69(1)(b).
And if you want to know what a student pilot is allowed to do, it might be worth reading the CAR headed “What does a student pilot licence authorise a person to do?”
A student pilot is a student pilot, whether or not she’s passed a GFPT.
CAR 5.72 is dog’s breakfast, in the context of the other regs. 5.72(3) is a defence to a prosecution against the instructor, not an authority for student pilots that have passed the GFPT to fly with passengers inside the student pilot area limit. However, if 5.72(1) was intended to have the effect of prohibiting the authorisation of the carriage of passengers by student pilots in any circumstances, it would not be necessary to have regs like 5.74(2)(e).