Ok I'll throw in my two bobs worth. As a background I've been teaching VCE Physics in Victoria for 25+ years, in both co-ed and single sex schools.
All of the VCE study designs can be found at:
http://www.vcaa.vic.edu.au/Pages/index.aspx
Here in Victoria at Year 12 the core areas of study in Physics are:
Motion: Straight line, Projectile, Circular (including planetary bodies), Collisions, Work, Power & Energy.
Electronics & Photonics: Basic DC circuit theory plus transducers like LDRs, Thermistors and Diodes and hteir uses in circuits to perform tasks - eg transmitting information wirelessly using light, temperatur probes etc.
Electric Power: Magnetism, movement of charge, generation of AC and DC electricity, transformers, power transmission.
Light & Matter: Understanding the dual nature of light and matter wrt the Wave and Particle models.
In addition to the core topics students will also undertake one detailed study chosen from the following six topics:
Structures and Materials: Essentially Newton's laws applied to static bodies.
Einsteins Theory Of Special Relativity.
Further Electronics: Rectification circuits, capacitors etc
Sound.
Synchrotron And Its Applications.
Photonics: Builds further on what is learnt in Electronics and Photonics.
I try to let my students choose one of the detailed studies at year 11 (They usually choose Astronomy or Medical Physics) and we do Investigations in Flight as the second detailed study.
In Year 12 my students typically choose Structures or Sound and it's a majority descision as to what we do.
(In Yr11 they do two detailed studies of which Astronomy and Astrophysics are two of the choices.)
20% of the course at both year levels is to consist of experimental activities/investigations.
In Victoria we have been consistently encouraged and challenged to present Physics as a subject that is relevant to everyday life and most of us teach the content contextually. For example when doing Newtons three laws of motion it is usaually taught in the context of transportaion, eg cars, collisions and car saftey. The detailed studies provided teachers and students a degree of choice over the two years in terms of having a topic that may be of particular interest to them.
From a mathematical point of view the current course only requires an understanding of algebra, trigonometry, graphical interpretation and some geometry.
I would argue that the major reason behind the deminishing numbers in Physics and what us old timers would call Pure and Applied mathematics is as follows: The number of courses requiring these subjects as a pre-requisite have been significantly reduced over the last twenty years. They are still recommended for large numbers of courses but you don't have to have done them. So wrt mathematics in particular students have started to choose the 'weaker' maths subjects in order to maximise their ATAR score - the mark used to get into a university course. If you don't believe me check the courses offered my the major universities and you will find that Physics is only a pre-requisite for about ten courses. Aeronautical Engineering is one of the few that springs to mind. Physiotherapy, medicine, Architecture and most engineering courses - no. It may be recommended, but not a pre-requisite.
I've lost count of the number of times I've had a discussion with university academics in my area of expertise, Physics, when they ask about the paucity or quality of students that they get and they just don't seem to understand the significant impact that the choices that the universities make wrt prerequisite subjects has on what students choose to study. Every year I lose one or two potentially excellent physics students to other subjects so that they can maximise their ATAR scores.
I could also be a bit synical here and add that since uni courses are now user pays, it is to the universitie's financial advantage to have students studying for longer (Year 13, bridging courses etc), or to make it easier for them to enrol in courses and boost their numbers to gain access to funding.
Sorry for the min-rant!
OK wrt the National Curriculum (final two years - physics only), it wasn't due to be implemented until 2016, and the last I heard was that the three larger states, Qld, NSW, Vic., were all playing hardball in terms of what should be covered and how it should be assessed. For example Qld do not externally assess each academic subject you study, NSW and Vic both have external exams and internally assessed work. In Vic. with the detailed studies I believe we can better tap into student interest by the choices available in the detailed studies. And guess what - no state wants to change what it does. I haven't sussed out what the other states are up to - sorry. Wrt to curriculum content and depth of study that hasn't been completely thrashed out yet either. It may sound pretty negative atm but we will get there - however it's a huge undertaking.
For those of you still awake I'm open for questions!
Paul