I work in the NSW public service in HR and have a Cert IV in Business (HR) through TAFE. I did start my uni qual in mid 2007 but found it difficult to manage with a baby so have put it on the back burner for a while.

I don't need the uni qual for my job and I classed it as a "nice to have".

The TAFE qual should cover you for any general HR positions - specialty positions (eg IR) would likely require a uni qual with a specific IR stream (which is what I was doing at uni - Bachelor of Business/Commerce with a major in HR/IR)

Happy to answer any questions you may have.