2018 Employer Satisfaction Survey" (QILT, 10 January 2019), indicates employers are very happy with the graduates they get. The Quality Indicators for Learning and Teaching (QILT) team, was funded by the Australia Government. An analysis of 5,300 survey results from graduate supervisors showed 84.8% were satisfied with their graduates. The least satisfied were in creative arts. It may be that the more vocationally aligned STEM degrees are a closer match to jobs.
The Group of Eight "Leading Universities" did not do so well, with only half of them scoring above average for employer satisfaction. There is no clear relationship between university size, focus or location, and employer satisfaction. Perhaps it is just that Australia has high standards, and we don't have any "bad" universities. This is good news for employers, but does it indicate Australia is over investing in university education?
ps: Bond University topped the 2018 Employer Satisfaction Survey, so it should be worth listening to their Professor Keitha Dunstan, Deputy Vice- Chancellor (Academic), 26th February, 2019. The event is in Canberra, although Blackboard's web page confusingly says "Sydney".