Complicated question and it may not be possible to give you an answer that the Federal and State governments can agree upon.
The Federal Government controls the entry of all vehicles into Australia either by use of the CDP for "tourists" or Import Approvals for approved residents. CDPs can be validated for as long as the tourist visa is valid - so renewing the CDP is possible if you are on a tourist visa. So you need to ask the Customs department whether they will allow a vehicle to enter with a CDP whilst the owner is on a student visa.
If you do a weblookup on "VSB10" this document will give you a lot of information.
The State Governments will probably tell you that if you are resident in one place for more than 3 months then you need to comply with vehicle registration and licencing requirements.
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