The University has specific rules about Intellectual Property. For you as a student, the relevant part is:
"The University has always recognised that students always own any intellectual property that they create unless:
a) there is a law that says otherwise; or
b) the student agrees otherwise.
However, a student may agree to transfer his or her intellectual property rights. Where a student is involved in research activities that involve third party agreements, or where the activity involves the creation of intellectual property of a kind that may be developed in the future, it is the responsibility of both the chief researcher and the student's supervisor to notify the student, before he or she begins work on that project, if the third party agreement requires the student to transfer his or her intellectual property or to give consent with respect to any moral rights, and to ensure that the student has a reasonable amount of time in which to take advice (which generally should not be less than 14 days).
Students who transfer their intellectual property rights are entitled to a share of any commercial benefits, subject to any third party agreement."
Please visit the Intellectual Property: University of Sydney (Intellectual Property) Rule 2002.