Not really, for an undergrad degree - particularly in a b.comm; the name of the university does not really matter. People have this misconception that melb or monash is some sort of mythical place where graduates walk along some road paved in gold. Its NOT true.
As I keep telling high school kids fresh out of vce and brainwashed into thinking its melb or bust - if you spend your uni days pissing around and scraping along on a pass/credit average - the only certain position you will get is an exclusive spot in the centrelink line.
The only advantage melb has over other unis is a more competitive cohort that can drive you to do better. Otherwise, a b.comm , is a b.comm, is a b.comm - the course contents are heavily standardised (especially in majors like accouning and finance). If you land an interview at a firm having a pass/credit average and are up against a whizz kid from deakin with his list of HDs - you better have your bank details ready to bribe the recruitment officer.