Regarding academic grading, I have a close friend who completed the BEng, he legitimately failed 8 subjects in his time at university, getting as low as 19 for some subjects and he is on a grad program at Telstra. There is a lot more to hiring someone than just their grades. Having said that, of course it doesn't hinder your employment prospects to do well.
With respect to H1s and scoring 95+, it greatly depends on the subject and course we are talking. For instance, in the entire JD cohort, I think like a maximum of 2-3 people get a H1, thus it's a terrific achievement in itself to get 80. I know my friend was telling me that in the Masters of Eng, just passing the subject 'Control Systems' on your first shot is pretty impressive itself (it had like a 75% fail rate one year, and last year 65%). Again, getting a 99 in Calculus 1 or Calculus 2 is not really a terrific achievement but an 80 in 'metric and hilbert spaces' is a phenomenal achievement.
Employers aren't idiots in this regard and they realize grades vary pending on the subject and aren't necessarily a great predictor of someone's output in their team, at the end of the day, for some employers, who they pick as their grad students may well ultimately determine whether their business fails or succeeds so they put a great deal of effort in finding the right person.
Regardless, look at someone like Dr.Mullis, who personally doesn't think he could've ever won the nobel prize without LSD. I'm not telling people to do LSD, but there's a lot more to being a good scientist and indeed in most professions there's a lot more to succeeding than just studying hard.
In first year and probably the majority of University, if you're getting 95+, that's great, but if you're doing it at the expense of other aspects of your life, you're probably hindering your own employment prospects. University is a great time to do a lot of lateral thinking and go out a lot. Just remember, after university finishes, a lot of you will get married and have kids pretty soon after. At that point, you won't ever be able to do a lot of the things you take for granted.
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