This whole argument goes right back to the ancient Greeks when...

This whole argument goes right back to the ancient Greeks when Plato reckoned that the Artisans and the Intellectuals should lead entirely separate lives so that purity of thought would not be compromised. This attitude lives on today in our education systems where anything 'hands on' is seen as less worthy than that which is purely cerebral.
Interestingly, probably the only time when this has broken down was during the Industrial Revolution, when many of the greatest advances were propogated by wealthy individuals who had the time and leisure to get involved in technological endeavours but who didn't care about getting their hands dirty; James Watt et al.
Then the industrialists wanted to become one with the landed gentry and sold their souls for social status. Thus was class distinction perpetuated.
Since Australia is supposed to be a 'classless society' (believe that and you will believe anything) the academic qualifications of an individual should have no bearing on his/her worth. If having a degree is such a big deal then why do so many graduates have to get someone else to build their houses and fix their cars etc? Horses for courses.
Frankly, if it comes to getting minerals out of the ground at Rocklands and making money for me as a shareholder then I would rather have WM at the helm than a variety of suited and degree-laden individuals who may spring to mind.