They don't kick you out after first year if you're GPA is below 1. I can think of a few people after first year like this (not me suprisingly, I'm sure I was close
) Do not take my word for that, this was back in 05 and policies may have changed. Check EFS regulations/mq website
You're problem is you leave everything to the final week. Uni grades have little to do with intelligence, and more to do with the time and effort you put in. This is why employers look at your grades for the first few jobs you go for - it is a reflection of your effort and work ethic.
Simple solution: Study consistently during the semester and see the difference. If that doesn't work something is majorly wrong, you may not be doing the right course that's suited to you.
My advice: Try your best for this semester. It still can be done. Then I would strongly suggest you speak to an academic adviser of some sort, after this semester/next semester, to analyse what's going wrong and your options. If you continue to struggle like this you're wasting your time and money, so you need to solve this.
Apply for UAC and transfer to a course that truly interests you. Your UAI may still be high enough. /Dr Phil