It appears that this program is being replaced by the new agreement between Motorsport Australia (formerly CAMS) and the Ferrari Driving Academy.
The CAMS (Confederation of Australian Motorsport) Foundation exists to promote and support young Australian drivers. To do this it chooses four drivers every year and according to CAMS they are provided with:
significant technical, physical and financial support over the period of a year; with their development being monitored and driven with the ultimate aim of progression within the global motor sport community.
Graduates of the program have included Daniel Ricciardo, Will Power, James Courtney and Will Davison.
Obviously this program is only open to Australian drivers.