It's mostly the fault of the universities to be honest. The entire labour market is kind of screwed up though. There are more qualified applicants than there are jobs for them in many fields (in some there is a shortage), pharmacy is especially bad though. The universities get money for each student, so of course, it makes sense to them to graduate as many as possible. I think RMIT just started up this year or last on pharmacy as well, just adds fuel to the fire really.
Unless student demand dramatically drops, the universities offer a lot less places or more jobs open up, it won't happen any time soon. None of these things seem likely to be honest, especially the last one considering the big pharmacy conglomerates like Chemist Warehouse. We have #1 or #2 to hope for.
Of course, like said above, plenty of people get jobs. Just to make up a number to illustrate though, there might be 133% of the need for job placements graduating. So, 33% invariably lose out. Of course, fair few still manage to get a job and it filters out those who didn't really give a shit in the first place but compared to a lot of other fields, its a pretty big gap.
That said, think hard, as mystikal said. If you have an acutal passion, go for it.
If you think hard and realise deep down your doing it more for the money or parents, it might not be the best bet. Get a business degree or something. Look at it this way, if pharmacy was paying 50-60 000 PA would you still do it?