After our results have been moderated and scaled is a final HSC mark of 90 for business studies equal to a mark of 90 in another subject (eg. Physics)? Or even a 95 in business is equal to a 95 in another subject?
No, scaling is the process that is used to equate these marks across different subjects for the use in ATAR calculation.
However, a reported 90 in business studies has been “aligned” to a band 6 in business studies meaning that you have done enough to achieve the band 6 criteria for business studies, even if you might have only gotten a raw mark of 85.
Each subject has different band 6 criteria so this is why these marks aren’t directly comparable after the alignment process.