They're razor sharp, nf!
Cliff, in the UK you need a PhD to go the full academic route, i.e. post-doc research eventually leading to a permanent lecturer's position (assoc. professor in the US, as I understand it).
You can work as a teaching fellow, though. That means you don't carry out research, but just teach. And for that, you don't need a PhD.
Not sure how it works in Oz.
What's with the honours thing as well? In the UK, pretty much all degrees peeps register on are honours degrees. It's possible to graduate without honours, but it's a route that people are shoved onto if they're failing.
Does it work differently in Oz with that too? I thought our higher education systems were fairly similar.
*jazz hands*