Yup. I'm studying mechanical engineering in the university of queensland.
I'm just doing it to earn money to do CPL + IR training so I can go back to South Korea to join an LCC domestic airline (which requires only TT 250hr with CPL + IR for korean national).
There's a list of occupations which Australia is having shortage.
"ALL" engineering diciplines are
PR eligible upon graduation. (I don't know about naval engineering offered in UNSW or others that are not on the list).
Other degrees that are eligible for
PR is nurse, education, accounting and more I can't remember.
Getting
PR is easy if you study a degree that is on that list otherwise you will never get it. Getting citizenship is now a lot harder than before. The requirement changed from 2 years to 4 years that you will have to be in Australia for before applying for citizenship. Hope this helps.