My Understanding (and I could be 100% wrong.. I often am)
"successful completion of alternative training, or acquisition of qualifications, or possession of experience, or a combination of these, which CASA considers to be at least equivalent to any of the alternative requirements mentioned in items (1) to (4)."
Therefore I would think that common sense would dictate (again.. its CASA .. so maybe not
)
That if you hold a Foreign ATPL, with a type rating on a multi crew aircraft and 50 hours in RPT operations that you could apply for the exemption.