yep, pretty much
I believe WAM at UTS is just a primitive sum of all marks over the amount of subjects. I think some other unis put less weighting on the first year and bigger weightings on later years however I don't think UTS uses this system in particular. well then, I don't really know why its called a 'weighted' average mark at UTS, am I missing something? either way you won't really be affected if you were going to try harder in future years!
If the WAM you gave is correct (73.25), you're very close to a distinction average and only need to improve by 28 marks over 8 subjects next year - shouldn't be hard.
well, good luck!