Is being a teaching/performing musician a good job?

I will be leaving school in one year and am considering going to the conservatorium in sydney and doing a bachelor of performance on the violin. I am just finishing my amus and have completed musicianship grade 6. I expect the degree to lead me to a career where i teach students and perform in various orchestras and have a quartet for hire etc and maybe eventually teach at universities or go into arts administration. I love music but have heard you do not get paid much. Is it a good job anyway? Do i have a chance at getting into the conservatorium?