Successful in life? Not always, however it is better then getting bad grades. It is not guaranteed that you will be successful but it gives you a better chance. Essentially school provides you with knowledge that is required for the future. It trains your basic skills like how to study, become organised, etc and points you into a career you may perhaps want. Those that receive good grades may have sharpened these skills. Though of course there are other reasons.
In Victoria, in order to get into a good university you will need decent scores. Therefore doing well in school determines whether you will be successful in entering a uni you want. From there, the person may have a greater chance of becoming what they want to be compared to those having failed to enter a uni at all.
Most things in school is hand fed to you. The moment you enter the outside world, you probably won't receive the substantial support given to you while in school. For example, students who receive tuition. They get top grades as they receive extra help and advice from their tutors. However remove this aspect when entering a place like university, independence can be ones down fall. Doing well in school on prepares you to an extent.
A person can be a garbage truck driver and be considered successful as they enjoy their job. Whether you are successful is dependent on you.