Cadetships are different in Oz versus the UK. Oz you pay big bucks for them while in the UK they pay either for half or all of your training. As you may have noted, there aren't many cadetships on offer at the moment in the UK and they are extremely competitive.
A couple of things. There's nothing wrong with waiting and doing a degree. Make sure it's a degree you want to do and not one that you think will impress the recruiters. Have you been flying (in little things) before? Have a go and see if you actually like it? (Well, love it really)
How's your health? No sneaky things like colour blindness, dodgy eyes, diabetes lurking any where? (if not, then you are fine). Reason why I ask this is there's no point in setting your heart on this career and crashing at the first step. If you have a spare 400 quid you can get a class one medical done at Gatwick to allay your fears. (If you don't intend on training for a few years then I wouldn't spend it yet. Just get yourself thoroughly checked out by your local Dr with the pertinent points looked at (details can be found on the CAA's website) {or if you are in Oz, look up the CASA's website, Oz's medicals are a fraction of the cost of the UK's and much more flexible eg. colour blindness is ok for the Oz airspace}
Absolutely nothing wrong in getting your PPL done now. If money is real tight go and fly a glider. The handling skills won't be a waste. I belive that some of the hours can count to your PPL/CPL too (in Oz).
Remember, in Oz you can get a CPL for about $40,000 (rough figures) and then you can head off up north and try for some work. Then you can add your IR etc. In the UK, you more or less have to get your IR with your CPL (or soon after) because the exam validity runs out in 3 or so years. This will set you back 40-50,000 GBP.