If you are a student from overseas on a temporary student visa it is a condition of your visa to maintain adequate health insurance for the duration of your stay in Australia. This means you need to purchase Overseas Student Health Cover (OSHC) and keep your policy up to date whilst you are in Australia and holding a student visa.
OSHC assists international students to meet the costs of medical and hospital care they may need while in Australia. OSHC also includes ambulance cover and limited pharmaceuticals.