Hi Captain,
I didn't mean to imply that a degree is a requirement - I work for US Airways and I haven't finished my bachelor's degree. It certainly helps though. Aside from being a culling tool, a lot of the degree programs in the US are very useful for future ATP's because they learn a lot of the stuff that usually has to be taught in Indoc and IOE, like sim training - several of the big schools here now have CRJ simulators. A few of my friends did internships at different airlines during their degree training where they got to sit through systems ground schools - this is all great experience, I only wish I had that opportunity.
There certainly are more jobs over here though than in Australia, but there are also more pilots. If you are willing to fly freight than there seem to be plenty of opportunities at the moment because the regionals are snatching up their pilots.