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It used to be a lot more complicated - you'd get more points/metre climb on longer events (I think...) http://www.aukweb.net/results/aaa/aaaarch/#p7 if you're interested. The system changed for the 2009 season to 1 point/1000m climb with minimum limits (eg 1500m for 100km) depending on distance.
hiraethus
I read that they "changed the calculation method" so thought maybe they did something like TdF where they'd apply some kind of algorithm that might eliminate points or whatever depending on where climbs were or I dunno. When I read there was a calculation I assumed it wasn't as straight forward as elevation gain.