I'm heading over on a business visa which I hope to convert to PR through my partner once there. The following website is from the Gold Coast Hospital which is the best I've found in explaining the various hoops you have to go through.
The process varies between speciality but most seem to involve buttessment of your skills by the relevant royal college, either through them directly or through the AMC. Unless you've been working for a significant period of time as a consultant you're likely to have to sit both written and clinical parts of the fellowships. Even with experience you probably will still have to sit the clinics.
Regarding the AMC exam - it's pretty dauntiong to have to think about studying outside your speciality again, and thoughts of final med just brings back cold sweats! There are advantages however as I believe without the AMC exam you can only ever get conditional registration, which will not allow you rights to private practice (RPP). While private practice in it's own right is a llucrative way to make money, it's not essential as doctors in Austalia are well paid compared with the UK. The advantage of RPP is 2 afternoons off a week - great for a trip to the beach, game of golf etc, and means while being paid for 10 sessions, you're only on site for 8 - nice!
Best advice is start early and be prepared for lots of head scratching and down right frustration!
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