G'day Jarrod,
Did you get any feedback as to why you didn't get through the cadetship interview? Anything you can take away from the experience?
I haven't worked in Australia for nearly 20 years so I am a bit out of touch.
I am assuming you have HSC maths and physics? That's all Qantas wants. Degrees are not a formal requirement for pilot employment in Australia.
What sort of aviation degree are you getting? I am guessing it comes with ATPL subjects and a CPL/IR thrown in? Or is that on top of 3 years study?
I had a look at the Uni of Southern Queensland's page - it looks great for airline preparation but it's highly likely that your first job will be as far away from airline flying as possible. You'll more than likely start your career in the outback flying knackered C210 or C207s. Keep that in the back of your mind as you move through the degree.