As you can see by the diagram above, Australian students all attend the same schools until they are 15 years old, after which, they are tracked into apprenticeship, vocational education, or upper secondary school. Students who choose a vocational education track can still attend university if they want. In addition, students who choose to pursue careers in the university that are in higher demand (math, science, nursing, etc.), pay less to attend college. The unemployment rate in Australia as of November 2012 is 5.1%.
Australia has a national curriculum and national standardized tests for reading and math are administered in grades 3, 5, 7, and 9. Tests in other subjects such as science and civics are administered every three years.
(Source: Center on International Education Benchmarking: http://www.ncee.org/programs-affiliates/center-on-international-education-benchmarking/top-performing-countries. 2012. Washington D.C.)