Generally, students may not rely either on the research or study exceptions in the Copyright Act or on the AMCOS/ARIA licence (available to schools and universities) to synchronise music and sound recordings into films that are to be screened publicly.
We understand, however, that student films that incorporate music and sound recordings under the AMCOS/ARIA licence may be screened on school premises, but only to the school community. http://www.apra-amcos.com.au/MusicConsumers/MusicinBusiness/Schools.aspx