If you didn't apply for it this year but are interested in the program, you should apply for the BBIS course through VTAC. You will then enter the course in the coursework stream.
At the end of your first year, contingent on maintaining a credit average, you can then apply to join the IBL stream from 2nd year onwards. This will mean that you do miss out on the inital $6000 given to the IBL first years, but you will receive the $30,000 balance of the scholarship.
A fair majority of graduates enter structured graduate programs at the Big 4, banks or other professional services firms; but where you end up going is, of course, up to you. These programs tend to lead onto jobs as consultants, project officers/managers or business/system analysts.