Does the GIC system for living expenses apply in Australia as well in Canada?

No, the Guaranteed Investment Certificate (GIC) system is only used in Canada and does not apply in Australia.

For Australia, international students must show proof of funds for living expenses - currently AUD 29,710/year for yourself, plus AUD 10,394/year for a partner and AUD 4,449/year for each child (subject to change). You can demonstrate these funds through bank statements or other financial documents.

The GIC is not required or accepted for Australian student visas.