Some examples I'm aware of people who completed 2FTS:
* "failed" during OCU, ended up as a QFI at Pearce at 79 Sqdn
* "failed" during training at 76 Sqdn and had a long (and successful) career in a variety of RAAF squadrons before joining the airlines
* "failed" after 2FTS during training on a non-fast jet type. Never flew operationally
* a couple who only ever flew one operational tour ... possibly just weren't cut out for the type of flying expected of them.
These 'failures' are relative - most would seem to be good pilots perhaps not suited to the demands of flying required by the RAAF
On a more optimistic note, I know of many more that were successful all the way through and served multiple operational tours.
From my observations, 2FTS means you have your "L" plates ... you'll then do a type conversion, possibly an operational conversion, and then (for non-fast jets) start on the process of training for your captainancy - and then might switch types and start the process again. It seems you never stop learning in the RAAF
regards
layman