What you refer to as a college in USA, is not the same as college in Australia. Working there without a degree is the same as working in USA without a degree. You may luck into a job where you can afford a great apartment (which aussies call “flats” by the way), or you may be able to get a cheap apartment.
You can’t just decide to go to Australia and get a job. It is just like an aussie going to USA to work. You would have to apply for a work permit. In order to get one, you would have to prove that you have skills that cannot be found elsewhere in australians. You would have to provide credentials, and then some. You would have to prove that the job you want cannot be done as well, if not better, by an aussie.
So to answer your question, no, a non-australian could not simply come into the country with, or without a college degree, and make a good living. There are a lot of hoops to jump through and red tape to cut through before you could even hope to do this, even with a college degree. You have to be able to offer something that nobody else can, and prove it.