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[BluRayHiDef]

The audio signal has always been multiplexed into the video signal. The HDMI spec papers are a great resource to learn how everything works.
Basically, there are gaps in the transmission (what's called the blanking interval) where the audio is encoded.
The audio bandwith doesn't add to the maximum bandwith. As a consequence of how HDMI works, that means that the video bandwith sets an upper bound on the total audio bandwidth available.

Thanks for the clarification.