Then the birdy should be hunted and killed.
From the very first day, even year you enter university, every single mark contributes to your degree's WAM. It will of course be weighted and changed after each and every semester.
But in Academic Transcripts, each semester's WAM will not be showed, only what mark and grade you received for each subject for each semester. [Your Academic Transcript will show only marks and grades, whereas your Web Transcript will show your semester WAMs.]
Depending upon your degree and if you DO NOT do Honours, and if your final WAM is higher than 75, then you achive a i.e. Bachelor of Commerce at Distinction Level.
If your wam is 74 or below, you achieve a degree at pass level.
For Science degrees without Honours though I don't think they award you with distinction level even if your final WAM is over 75.