Defeatist's phrase starts to irritate graduates in very exclusive uni, perhaps (1,4,2)

I believe the answer is:

i give up

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'defeatist's phrase' is the definition.
I don't know anything about this answer so I can't tell whether it can be defined by this definition.

'starts to irritate graduates in very exclusive uni perhaps' is the wordplay.
'starts to' indicates taking the first letters.
The initial letters of 'irritate graduates in very exclusive uni perhaps' is 'I GIVE UP'.

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I've seen this clue in the Sydney Morning Herald.

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