If there is a ‘Further Stay Restricted’ condition on your visa, you generally are not able to apply for a new visa while you are in Australia. You must leave Australia no later than the date on which your visa ends.
If your visa has ended, you need to contact DIBP immediately. You might be barred from returning to Australia for three years if you do not tell DIBP within 28 days of your visa ending.
You might be able to extend your stay in Australia for further study, work, your graduation or a holiday. You can apply for the appropriate visa for your circumstances, for example, a new student visa if you want to extend your studies or a visitor visa to attend your graduation ceremony or have a holiday.