Applying through the campus website was easy and they quickly got back in a week (whether or not I made the first round interview).
During the first round interview, the Human Resources manager was very nice and started out with questions such as "describe your previous internships and what skills did you learn in each?" (It seemed that Macquarie is more interested in work experience than in school extracurriculars since the manager didn't ask me about those activities.)
Another question was regarding the market in general (and the recession).
There were no technical questions (such as "describe the valuation process" or "how do you determine WACC"). There were also no brainteaser questions.
For advice, I would say to go very in-depth into researching the company and have lots of questions at the end (just in case you finish early).