No, it means you've to finish the test within a period of time, without stoping. Usually the whole thing takes 2 hours and 45 minutes, so you can't just walk out during this time and not finish the test for any reason.
On the same note, congratulations on starting your graduate degree soon, what are you studying btw and which uni are you applying to? I live in Melbourne, currently doing my bachelor's degree in biotch and management here at Swinburne. Melbourne is the place to be, this city is amazing I'm sure if you get to live here you're going to have a blast.
Anyways, If there's anything you'd like to ask just shoot me a message, I'll be more than happy to answer your questions!