From the raaus website:
"The cover has an indemnity limit of up to $10,000,000 for liability arising from third party property damage or bodily injury including a sub-limit of up to $250,000 for liability arising from injuries to passengers (including student pilots). Depending on individual circumstances, you may require more than the limits described above, so you may need to maintain additional individual insurance."
http://www.raa.asn.au/wp-content/uploads/2012/02/Members-Liability-Policy.pdf