MrIkea and I checked out the UTS Graduate Design Show today. Maybe I'm a little partial given I currently study there myself, but there were definitely some great pieces. That said, there were also a few pieces that were less than impressive. It was a tad disappointing to think that after 4 years of studying Visual Communication, some graduates still hadn't recognised how beneficial it would be to present their work better than ragged cut/pasted up letterforms.
There were also a few brilliant pieces that unfortunately didn't have a webpage for me to link to.
For now, here are some of the ones I liked... click to go through to their webpage and you can see what $30,000 worth of HECS fees has paid for.