Why are cadet programs still running? Simple. They are VET funded money makers that have very little to do with the actual airline. FTA is a for profit school that, like every other VET fee provider offers a taxpayer funded product at an inflated price. (how much does a CPL cost? Whatever the VET limit happens to be that year) The more students they pump through every year, the higher the profit. Whether they get a job at the end isn't their business. No different to Soar or Basair.
They may have an 'affiliation' with qantas but at the end of the day qantas isn't the one providing the training, the students don't have a contract with Qantas, the instructors aren't from Qantas, and at the end of if they simply get the right to apply for a job. That is all.... the same job their own instructor is probably applying for!