i think the system is good the way it is. english should be compulsory. after all, we live in australia. we are australian students. we should be able to speak and write in sophisticated english. king lear aside, the SUBJECT english itself gives you important skills- analysing, essay-writing (which yes, IS important if you plan to attend university), and more.
i dont see why maths should be compulsory at all. it is not something we are required to do at a complex level day to day, as we are with english. simple addition can even be done these days using the calculator on your mobile phone.
if any subject should be made compulsory, i think something like business studies. probably the most practical subject in the entire syllabus. but not maths. and not at the level it is taught in year 12. no one needs it. everyone needs to be able to read at a sophisticated level and speak confidently.
i love that the people who study their asses off to make it into LAW are the ones that whinge about having english counted in their uai
(at least, thats how it has worked in my experience)