If not, what are some viable alternatives that you can see?

You definitely don't need to go to art school to have a career in art. The people who get ongoing job offers for working creatively are those who are organised, know what they're doing and why, are honest and brave and can translate that into their work. I reckon.

And finally, what is your advice to young students/graduates who are anxious about their future in the arts?

You don't have to work in the arts. Make sure you want to. Forget the glamour. Forget lots of money. Forget regular working life. Working happily in the arts is about being self-disciplined and self-motivated, flexible and invulnerable. The more successful you get, especially if you're a performer or a director, someone ultimately responsible for the work as a whole, the more people will bag out you like you bag out Britney Spears. You don't want to be affected by all that.

If, like me, you still love the idea of being creative, meeting new people and learning about new worlds and ideas every day, despite the above, my humble advice is to think quietly about what you want to do and why. Funnel that into a clear idea for a first creative project you can commit to. Write up a clear summary of that project and take it to those you want to work on it with, if anyone.

Apply for support from the youth arts sections of the Australia Council, or just go on with the project without the dosh. Map the project out clearly so you always know if you are or are not on track. When it's done, get together a simple, clear project summary with media of the best elements of your project and take it to the fringe festivals, museums, organisations etc. that you want to see or showcase it. Stay in touch with them and persevere and it'll lead to more jobs... And then more...