I don't know much about Melbourne schools, but as far as Sydney goes, a lot of girls from my high school went to UTS to do Journalism/Law, but other than that I don't know much about the Journalism programs down here. I know that USyd doesn't have a "Journalism" thing per se, but the BA(Media Communications) I think does the same thing.
I've heard that the USyd school of business and economics isn't that great, compared to UNSW or Macquarie if you're interested in finance (the Master of Applied Finance there is apparently the world standard), although the Law department has a number of well-known economists and regulatory academics. I'm currently taking a course called "Law and Economics" with Dr Patricia Apps and Ray Rees, who're apparently world-renowned experts on economics.
USyd is a really good campus though, even if the school of those fields itself isn't quite as good, and I heartily recommend it.