arkon,
On the contrary mate - IT is still in a climb, not a decline! The techie services and computer hardware is definitely on the way down again, I mean look at all the uni chumps that charge $20/hour to fix your computer. Decent money for them, but that said they may only work 5-6 "real" hours a week. Hence thier shit wage.
I started in IT when I was 18, and now my wage has almost tripled from back then. That said I'm no longer a "consultant" and now a manager and have my own staff. That's where the money is. I fork out bulk $$$ in software development costs just to keep our company moving forward with the rapid changes.
And sure, you can go earn $80-$100/hour contracting in the eastern states for your time, but hell that's the only benefit of 3-6month contracts! Perth pays a LOT less for IT work over here - that's proven itself time and time again. I have more than enough cash to survive, play with my car and party hard so that keeps me happy.
As for digging holes for more money - Yeah probably. But really, I know i'd much rather be sitting at my desk all day than running around like a tradesmen site-to-site doing manual labour! Blech!