Yes, the government regulations require that all overseas students pay the Overseas Student Health Charge (OSHC).
The approximate cost is $600 per year but there are many providers and policies differ. If you do apply, your offer letter will provide the names and website links of a number of these providers so that you can choose a policy that suits you.
As a minimum, the cover entitles you to the same benefits afforded Australian citizens under the Medicare system (i.e public hospital care and the majority of the costs of Doctors’ services are rebated to you).