Isn't this only true in a few select cities?
I don't think the average programmer is getting paid that (the AU equivalent) much here in Australia outside of maybe some companies in Melbourne and Sydney and maybe Adelaide.
While I don't know too much about the Australian market, positions all across the US are 100k+ entry level. Not just in a few select cities, but probably in almost every state. Like Nebraska, Texas, and Tennessee with median house prices just 2x that entry level compensation.[0][1][2]
[0]https://www.indeed.com/jobs?q=Software+Engineer+$100,000&l=O...
[1]https://www.indeed.com/jobs?q=Software+Engineer+$100,000&l=T...
[2]https://www.indeed.com/jobs?q=Software+Engineer+$100,000&l=T...
Tell that to companies who still are filtering applicants based on their college education.
> "they must take on a punishingly expensive college education or they’ll never amount to anything."
Except that high school graduates have the option to do 2 years of community college (~5k) and 2 years at a state school (~13k). Generally possible to most while living at home for no additional rent. CS jobs are in high supply and 100k+ out of college. The college cost would be paid off in a year.
Then there's the fact that many positions are not requiring a college education at all.