From what they say in the American forums I think that you are right - they graduate and then take NCLEX. I really think we should do something similar here, or at least have our courses standardised. When I did my EN we had both hospital and state exams. They had just invented the electric light back then

. My RN didn't require that. I do know all the courses offered by the unis have to meet the local Nurses Boards as well as the ANMC standards
I'm not sure about CQU being the toughest. I think the only way you are going to find that out is if you can find someone who has had to transfer from one university to another...
It is a shame that the person who lent your NCLEX book didn't have the manners to return it to you. I had something similar happen with a pharmacology book. It was brilliant, and I had left it at work for everyone to use as a reference.