yes you can still make the cut off.
a great deal of people get in despite being below the cut off for various reasons.
so if you get above the cut-off, you are guaranteed a place
if you are below the cut-off, you can still get a place, but your chances are no longer 100%
and the higher up you go, the fewer people they let slip through with insufficient ATAR's. so if you wanted to do law/comm or something (which generally has a high ATAR), i would imagine that if you didnt make the ATAR, your chance of getting in would be very slim.
on the other hand, if you wanted to get into B Science, which has a lower ATAR, you could probably still get in even if you were 1 or 2 marks below the required cut off.
if that doesn't make sense, then just ignore what i said and get above the ATAR of the course you want to get into