Hi PoMoSo
I am a POM and moved to Aus in 2008 to study on a student visa. After graduating I moved onto the graduate visa (485) while sorting our my PR application which I'm on now, though I have just submitted my PR application (189).
So - though I didn't study in Oz to get PR (I genuinely wanted to study here, that was my sole intention), it has worked out well for me. Expensive, but nonetheless it's been great. I have lived out here for 5 years and had I studied/worked in the UK to get to necessary points, well I doubt I'd be out here yet.
So - good luck. If you can justify the expense, and are genuinely wanting to study here - then go for it.
LlamainOz