Welcome to the forums. I'm really sorry to hear that you're having a hard time at the moment. I can totally relate to your current situation, as I was in a similar position when I was in my 20s, and I too had an Asian mom who constantly nags at me to find a job. As much as I love my mom, and I know she wants what's best for me, but there's only so much I could take in, and I still remember bursting out of the house one day when we were in a heated argument about why I couldn't get a job.
Job hunting is as you said, very competitive. It's almost the same as winning a lottery to be honest. It takes a mix of skills, confidence, and luck to be able to land on a job. Jobseeker's mutual obligations are there to ensure that you're putting in the maximum amount of effort in order to help land you a job. I feel one thing good about it was they tie you up with a career supervisor to guide you with getting a job. But there's definitely effort required if you do go on the Jobseeker, and if I'm not mistaken, they want you to land a full time job. Since you're currently studying Masters, I assume you're a full time student? If that's the case, I think you may have to explain to Centrelink that you're keen on getting a job, but you're currently a full time student, and would like some advise on this matter.
As for job hunting. It really is a lottery game. It costs nothing to send your resume in and hope for the best, but it certainly takes a hit to your confidence and patience whenever you get a rejection. Are your friends working at the moment? If they are, might be worth asking if their company is looking to hire a fresh person to join their team, and they can be your referral. There's also volunteer work that you could try out as well to gain some experience, that should help set you up a bit for your future.
Happy to continue chatting.