Yes, this is what CLARC sent me.
if a pilot is participating is an approved training and checking system, then in accordance with section 4 of CASA instrument EX97/16 the pilot is exempt from requiring a further flight review on another aeroplane type or another aeroplane class. For example, a Qantas pilot wants to fly a single-engine class (Cessna 172) privately, as long as he is successfully participating in the Qantas training and checking system he does not need another flight review on the single-engine class.
It's also explained in the recently updated (1 July 16) fact sheet.
https://www.casa.gov.au/file/124946/...token=6WP9SZ74