CAO 40.2.3
6.2 The holder of a grade of the PIFR rating must not fly an aircraft under the I.F.R. unless:
(a) within the period of 2 years immediately before the day of the proposed flight, the holder has completed:
(i) a flight test under subsection 7, or a flight review under subsection 8, relevant to the grade; or
(ii) a flight test for the issue or renewal of a command grade of the instrument rating; and
(b) the holder has sufficient recent experience to undertake the flight safely.
Note: Guidance on recent experience is contained in CAAP 5.13-1 “Private IFR rating”.
And a flight review as per CAR 5.81 or 5.108 being;
(5) A pilot who, within the period of 2 years immediately before the day of the proposed flight, has: (a) passed a flight test conducted for the purpose of: (i) the issue of an aeroplane pilot licence; or (ii) the issue, or renewal, of an aeroplane pilot rating; or (b) satisfactorily completed an aeroplane proficiency check; or (c) satisfactorily completed aeroplane conversion training given by the holder of a grade of flight instructor (aeroplane) rating that authorises him or her to conduct aeroplane flight reviews; is taken to have satisfactorily completed an aeroplane flight review.
Then yes, the CIR renewal would satisfy the PIFR requirement. The ME component of a PIFR is just another FPA. To put it in perspective, all you need to do to upgrade a CIR(SE) to (ME) is fly one approach (take your pick) as ME with the ATO, same as PIFR.
SE is the same procedure, just without the engine failures.
Ps. Or you could just read CAO 40.2.3 Para 6.2 (ii) as qouted.
