Hey Ronniecoollike and Motivated99. I can't help so much in the Psychology department, but I'm a Bachelor of Science student, which Psychology can be done under. Here's a couple of answers to the questions I can help with:
what kind of job prospects are there?
You can check out
this link,
this article and
these government-issued career pathway posters (see "social science") for some of the options.
Would you recommend it?
Hey, if you have tried Psychology at VCE/ HSC level or even before that, you know you enjoy it and/ or are good at it, then there's a good chance this might be the path for you!
I would recommend that you go talk to your school's careers teacher or, if unavailable, talk to someone (preferably your age or older) that you trust and/ or have known well for quite a while about your plans. They often have a good idea of what you're like and who you are as a person, what you like and whether it suits you. While they may have some bias, at least you'll be confide with them along the way and usually know a little. Other good people to talk to are universities themselves; they'll be more than happy to help you find your way.
Can't say for sure whether personally I can recommend it due to my lack of studying psychology at university level, but i can say that passion and hard work will get you quite far.