[Nate]

Victoria is similar to NSW (thanks Alcar) but with subtle differences:

Pre-School (not compulsory)
Kindergarten (compulsory)

Primary School
Prep <- first year of school
Grade 1
Grade 2
Grade 3
Grade 4
Grade 5
Grade 6
High School (compulsory)
Year 7
Year 8
Year 9
Year 10
VCE: (note: you can leave school once you reach 15 years old)
Year 11
Year 12

Years 11 & 12 are linked so the subjects follow each other closely and you can do some year 12 subjects without doing year 11 (depending on how much 12 follows on from 11, curriculum-wise) so you can do year 12 subjects in 11, which is common. To graduate you have to pass at least 3 semesters out of four in your subjects; a minimum of four subjects overall, including english, but most people do 6.

Each subject gets a mark out of 50 - with correction for difficulty. Your mark for English and the top three subjects are added together plus 10% of the rest. Marks are then compared to everyone else in the state and you get a score of where you rank (eg 99.95 means you're better than 99.95% of the state, the highest score possible).

Simple, really.