The job prospects are really good. There is this graduate program at hospitals where they hire new graduates on a 1 year contract basis, and you can choose to stay or move into private practice. You could also with right contacts get into private practice directly. Make sure you make heaps of contacts throughout your study because at the end of the day no one cares about your marks but the job is given to people whom the recruiters know. Let me put it in this way, I don't know any new graduate that has not received a job straight after uni.
Generally speaking, the job prospects are pretty good, considering that there are many different areas that physiotherapists can work in. Yes, there is a new graduate physiotherapy allocation program but realistically, you cannot rely on that to a get a job. There are around 50-60 positions and almost 600 graduates competing (in NSW). There are more and more universities offering physiotherapy courses now, so going straight into hospital allocation is not a given. Definitely take the chance if you do the get the chance though! It's a good way to get some experience in the public hospital system! (Keep in mind that at the end of the 1 year program, you are not guaranteed to stay on.)
You can also work in other areas such as private hospitals, private practice (of which there are many!) and aged care. There is also a varied demand in paediatrics and neurological rehabilitation centres.
While I do agree that networking throughout your student placements can help you to find a job - I'll have to disagree with relying on recruiters to find you one! I've seen all too often job advertisements, commonly for private practices, that say "strictly no recruiters please!", not to mention that if you do successfully land a job with a recruiter's help, you may end up giving them a percentage of your salary for a ?? amount of time.