A woman accused of a racist attack on two Melbourne university students has laughed in court as she was granted bail.

Jakkara Brigham fronted the Melbourne Magistrates' Court last night charged with recklessly causing injury after two women were allegedly verbally and physically assaulted last Wednesday.

The pair of University of Melbourne international students were allegedly attacked on Elizabeth Street about 5.30pm and suffered minor injuries.

The woman fronted court last night charged over the alleged attack. (Nine)

Two female students were allegedly assaulted on a Melbourne CBD street. (Supplied)

Footage shared online showed one female student being repeatedly assaulted, before being kicked to the ground by another woman.

The 21-year-old cried in court when warned she would be waiting a whole year in custody for a hearing.

But she was later seen snickering with guards after finding out she had avoided jail time.

The magistrate labelled her an "unguided missile" and said she had behaved "appallingly".

The shocking video surfaced online. (Supplied)

Police are still trying to identify the second woman involved in the assault.

She is described as Caucasian, about 20-years-old, with a skinny build and shoulder-length blonde hair.

She was wearing a pink jacket at the time of the incident. Investigators have released an image of the woman they still wish to speak to about the incident.

'No place for racism'

Victorian Premier Daniel Andrews today said there was no place for racism in the community, no matter how frustrated people were during the COVID-19 pandemic.

"There is simply no place for that sort of behaviour in our state," he said.

A Melbourne bus driver was also allegedly racially attacked earlier this month.