Three Sydney universities are among the best in the country for their six-year degree completion rates, but the national graduation rate has fallen to its lowest level recorded.
Overall, the six-year university completion rate has dropped to the lowest levels recorded since the Department of Education began collating the data, with only 66 per cent of students who started their degree in 2010 finishing by 2015.
The overall short and medium-term employment rates for students with undergraduate degrees have also fallen significantly since 2007, with 67.5 per cent of students who graduated in 2014 finding full-time work within four months, compared to 83.6 per cent of students who graduated in 2007.
About 89.3 per cent of students who graduated in 2014 found work within three years, compared to 92.6 per cent of students who graduated in 2007, according to the 2017 Graduate Outcomes Survey, which is funded by the Australian government and conducted by the Social Research Centre.
Education Minister Simon Birmingham said universities could do more to improve outcomes for students.
"It's clear some of our universities need to take a close look at their efforts and do more to support the students they enrol with significant taxpayer subsidies," Senator Birmingham said.
"While the results show most institutions are supporting the vast majority of their students through to completing their courses, some with already below-average results have seen further declines."
The University of Melbourne is the best university in Australia in terms of completion rates, with nearly 88 per cent of domestic bachelor students who started their degrees in 2010 graduating by 2015, according to the latest Department of Education figures.
The University of Sydney has the next best completion rate, with nearly 83 per cent of students finishing their degrees within six years of commencement, followed by Monash University, with a six-year completion rate of 80 per cent.
The University of NSW is also among the top universities by completion rate, with 79.6 per cent of students finishing their degree within six years, followed by the University of Technology Sydney, with a completion rate of 76.7 per cent.
At the other end of the spectrum, less than half of all students at the University of New England in northern NSW had finished their degrees after six years, with a completion rate of 47.2 per cent.
Other universities with low completion rates include Federation University Australia in Victoria, with 36.4 per cent of students finishing their degree within six years, Charles Darwin University in the Northern Territory with a completion rate of 41.2 per cent, and the University of Southern Queensland, with a rate of 42.5 per cent.
Nationally, students who graduated with medicine degrees had some of the best outcomes, with the highest short and medium-term employment rates and median salaries.
About 97.7 per cent of medical graduates were in full-time jobs four months after graduating and had a median full-time salary of $63,000.
In comparison, students who graduated with creative arts degrees had some of the worst graduate outcomes, with only 45.7 per cent finding full-time jobs within four months of finishing their degree, and reporting an initial median salary of $45,000.
This increased to 79.4 per cent of graduates in full-time work within three years of finishing university, and a medium-term median salary of $55,000.
Similarly, only 48 per cent of science and maths students found work within four months of graduating and had a median salary of $52,000. This increased to 83.5 per cent of students in full-time jobs within three years, with a median salary of $62,000.