Plus I have never seen a police car of THAT colour before.
No clue where that is, but it isn't in Australia. Plus the "cops" are staged.
Come to Germany, you will see lots of them. The police guys also look like that here, it depends on the state within Germany though, their dress varies a bit from state to state.
Apart from that I consider it completely irresponsible to drive like that on such a road.
The speed of 300km/h equals to 88.3m/s. At the moment the cops turn I would say the street shown is about 20 m long, which means that it takes about .25s, or about 5 frames, for the bike to pass by. That would be possible to cut out without being too obvious (and for the guy on the bike it would pose a risk to leave that in - with the shot from the dashboard it should be possible to say what sort/model of bike it is; with a shot from the side it could be possible to narrow this down to a specific bike and person ...). There should be a little hitch or something at that moment, I didn't check if that seems to be the case, though.
Otherwise the cops look like typical cops operating a speed trap.
Of course, that does not prove in any way that it is not set up, but I would say it is not impossible be real. Dubbing the sound shouldn't pose a problem at all.