Thank you everyone for your feedback!
Genghis: I already have a BSc with honours
That was my IT degree.
As for my Bachelor of Aviation degree: I'm only about $20k away from achieving that so just in the last stages. I'll have my CPL by November!
I don't think the BAvn has any value in and of itself but it would be a pre-requisite for a Master of Aviation Management which, as you indicated, is probably more useful.
Horatio: I've been looking specifically at the Masters at Newcastle so I will definitely be in touch. You've identified the issue that prompted my first post: the Cert IV appears to be fairly general and I was surprised that the airline in question was setting the bar so low. But if they're going to make it a requirement for a safety role than that's what I'll have to get...