Ahh... UNSW offers it as a concurrent program combined with most undergraduate engineering disciplines (electrical/telecommunications/mech/chem/bioinformatics...) and it takes 5 years to complete.
One of the lecturers said that it is unlikely many people doing this program will actually work as biomedical engineers, as most will focus on their undergrad degree. MBiomed is mainly done out of interest, and to have a masters in one year... and to have the option of moving into the biomed field later on. Although straight after graduation it is unlikely that you will work there - possibly some exceptions would be if you plan to work as a clinical engineer (look after equipment in hospitals) or maybe design/check that euipment. With Chem eng in particular I doubt many graduates will be working in the biomed area...
I also spoke to a Phd student and he told me that there are more jobs in Melbourne than Sydney - but that most opportunity lies overseas. So I guess if you really want to work in that area it'd be best to get a Phd... but that's a long way into the future...
As far as I know UTS doesn't offer biomed - I believe it's just a mech eng specialty like at USyd... so if you wanna do a non mech eng sorta biomed then UNSW is your best bet.