I think that universities offer to many courses in too many irrelevant fields, which could be adequately satisfied by majoring in a specific subject within a general degree. I mean, you can go through the list of courses available and the only thing that isn't on there is a Bachelor of How to Live.
There needs to be a shift. Universities need to refocus upon the core vocation specific courses whereby the attainment of the degree is the professional standard required to gain employment (i.e. Law, Medicine, Nursing, Teaching, Engineering, Business etc). Supplement these with a few general degrees such as Arts, Science and Social Science and eliminate the rest.
Other sectors of the economy, notably the trades, have suffered immensely since the days of Whitlam, when university education became perceived as a right.
The above changes should occur alongside the reintroduction of the Commonwealth Scholarship Scheme to assist those of lower socioeconomic backgrounds.