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Is the PM right about too many law grads, suggesting students do arts?

Malcolm Turnbull shared his strong thoughts on law degrees with Canberra radio station 2CC late last week. What's news to no-one is that he – like many others – thinks too many people are studying law. The scoop? That they'd be "better off" studying arts or economics instead.
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So basically Turnbull is right. As if the universities will ever stop a fee-paying applicant.
There are definitely too many lawyers in the world.