Econometrics at Monash is run by the dept of Econometrics and Business Statistics, and is a relatively small major compared to others offered under the BCom (except it's a little bigger than the Business Law major).
I just finished my first year at Monash, and did both Econometrics subjects that are available in the first year, ETC1000 (compulsory for all), and ETC1010.
Most of the stuff we covered required no more than a general understanding of Units 3/4 Methods, and most of the material revolved around linear regression - material they really hammer into you. Both ETC1000 and 1010 cover a lot on multiple linear regression, as well as a lot of hypothesis testing (a fairly straightforward idea, you can't go wrong if you follow the steps), and a bit of work learning how to use EXCEL.
As for 2nd year subjects, the selection becomes a bit wider in scope.
http://www.buseco.monash.edu.au/depts/ebs/student/undergrad/ebs_pathways.pdf gives a good overview of the subjects you can take.
Clicking on each subject brings up some information on what it's all about!
If you're interested in the Actuarial studies program (not a major!), check out
http://www.buseco.monash.edu.au/depts/ebs/student/undergrad/actuarial/ which shows all the subjects required to gain max. exemptions from external IAA exams. Note that if you do the subjects they propose you end up with a major in Econometrics and a minor from the Accounting and Finance department.