Hi
It's certainly possible to save money while in Australia on a WHV. "Just" spend less than you earn, and keep working for (nearly) the entire time you're there.
However, if you're actually there as a regular backpacker intending to do regular backpacker things, then it's very unlikely to manage to save up any significant amount of money. I personally worked in Australia for about 7 months, in IT (which earns a whole lot more than your average backpacker job), back in 2003 (when Australia wasn't nearly as expensive as it is now), and still I barely managed to break even over my entire (year-long) visit.
Think of working on a WHV as a way to stretch your money. It'll allow you to go more places and see more things, but in the end, you'll definitely still be spending most of what you saved up to come there, rather than getting rich.
Thank you
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