Thanks for such a helpful and insightful post I'll definitely consider your advice.I've studied both Chinese (at USYD) and French, and if you had to choose one to learn at university, I'd definitely go with Chinese. As has been said it's probably more useful for Australians than French is, and also, the added difficulty of the language means that you would benefit more from having actual teachers and instructors to help you.
Don't count out French though, any language is a great language to learn if you have the motivation. If you want to learn any of the European languages, I would recommend Duolingo (www.duolingo.com). It's a great language learning tool that I use everyday, and you won't have to pay thousands of dollars to do learn it like at university.
More than I can say for some other people though >.> *cough* square *cough*