The tin says “Complete semi-elemental infant formula based on short chain peptides” and ingredients say whey protein hydrolysate.
I think it is broken down to shorter protein chains but not all the way to amino acids like Neocate and elecare (which I discovered you can buy without a script in Aus- but at $55 a tin- if you get a script is 8 tins for 30 bucks!).
Pepti Jnr is the same as Nutrimigen. They used to have Nutramigen in Australia a couple of years ago but Pepti Jnr is its replacement. It still is dairy based but the proteins are broken down so it is less likely to cause a reaction.