Well, the PE175 is now red plated. The plates are a bit different, they now have 3 numbers and 2 letters.
The VicRoads lady told me the whole system was under review (again). Too many people using it dishonestly. VicRoads will be advising the participating clubs soon regarding whatever changes they are contemplating. It may be as simple as a start/stop odometer reading in the log book, which will be a bit awkward for me (us), cos our bikes get used both on trails and on private property, but that's for them to sort out.
Even on private property though, it's better to log the bike's use, because that way the rider is covered by TAC.