Hi, I'm another BBus/LLB student at UTS - first year, so I'm in the same boat as the OP.
Yes, there is a SUBSTANTIAL increase in reading volume from high school to university, but most of the reading, if you really put your mind to it, can be done in about half an hour to an hour. Apparently the reading load will intensify with the introduction of law subjects, i.e. Perspectives and Legal Research and such.
I would not classify the workload as 'insane' but merely as 'insanely different' from high school.
For me, its not too hard, just alot of memorising and such, mainly of definitions and learning how to properly draw economic graphs.