The Age reports that the footage, captured by a fellow student, also shows a group of students looking on as the boy was being attacked.
And in other footage to emerge late yesterday, a year 10 student was filmed being pushed upside down into a wheelie bin while students looked on and yelled jeers and abuse. The bin was then pushed between a group of boys before it toppled over.
A spokesman for Xavier College said the school suspended five students over the video footage - four participants as well as the boy who filmed the incident on his mobile phone.
"Xavier will not tolerate conduct of the kind depicted and made this very clear to those involved and to any tempted to engage in such conduct," the school said in a statement.
The incident comes days after newspapers reported that other students at the school had been suspended over the sale and possession of marijuana.
Meanwhile, Channel 7 TV has quoted a former police squad officer Damian Marrett as saying that "without a doubt, every single private or public school, every secondary school in Australia has got some sort of problem in this area".
"I think there is a bit of naivety (from school principals)," he said.
"Maybe they don't want to see the problem. Any principal should know there is this problem in schools, and that some kids will sell drugs in schools. It is easier to sweep it under the carpet until the problem comes up like at Xavier - no-one addresses it."
Xavier pupils suspended after bullying caught on film (The Age, 13/4/07)
Police: Drug Problems Rife In Australia's Secondary Schools (All Headline News, 13/4/07)
LINKS (not necessarily endorsed by Church Resources)
Police seize Xavier college cannabis (CathNews, 12/4/07)
Catholic college in student drug bust (CathNews, 11/4/07)
13 Apr 2007