I believe that this is a rumor, although i wouldn't dismiss it due to the government's new regulations of being in education until 17 and the hand out of the laptops in their 'Education Revolution'
The official word from the state government is the SC will continue.
The new leaving age regulations even refer to having a SC as one of the requirements.
It will need new legislation.
It will probably continue until we get a national certificate at that point and with the National Curriculum in English, Maths, Science and History to begin being rolled out in 2011 it is possible that by about 2014 or so there will be a National certificate at the completion of compulsory education rather than each state having their own one now.
The following link is to a section on the Board of Studies website
In addition a couple of years ago when NAPLAN was introduced the NSW BOS made it clear that there was no intention to drop the SC and I haven't heard of anything to change that idea since then.
As has already been said, it's not going to happen.
Our year level (2011) was told that befause of the NAPLAN tests, we would not have to do the SC. But look what's happened? We're still doing it, just as previous students have.
Although I'd love to believe that the Australian government is adding these tests as a replacement, the truth is, they're just here to give us more work than ever before.