WSU actually does have a grace period/delayed academic penalty after the financial census. I am GWS though so I should be able to stay above the GWS gpa cutoff... Hopefully...
I looked at the Key Dates timetable yesterday and it didn't seem to indicate that... let me check again.
Census dates | Western Sydney University
www.westernsydney.edu.au
Once this date has passed, you are committed to the units you're enrolled in. This means you will be charged tuition fees and receive a grade for all your enrolled units. If you drop any units after this date you will still need to pay tuition fees and will receive an absent fail grade.
The semester two date in the calendar is listed as 31st of August.
That said, I'm also not a WSU student, so the information they have provided here may not be accurate.