Only join the military if you have looked into that form of lifestyle, it's not for everyone. Some enjoy it, and many wash out and start over in civilian aviation or other occupations. Apart from the considerations above about return of service, and the fact you are actual a volunteer in the Australian defense force (which means you have obligations to go to war, serve anywhere here or abroad, etc...), there is also not a lot of flying to be done, so your experience/hours do not build up rapidly. I agree the training is top notch, but the selection process is also aimed at only taking those that will achieve a high standard, and they don't mess around if you don't perform to their standard. Worldwide there is also a move away from employing ex military pilots, some countries carriers will not hire ex-military due to issues in multi-crew environments where chain of command is not strict, in fact it's promoted to be shared between pilots so that all crew can voice concerns. Ex-military have had many accidents where a high time ex airforce pilot has been overbearing to low timers and cadets, which leads to them shutting up and not questioning actions when they should.
University courses are mostly a scam, they offer very little in the way of training to be a successful airline pilot, which is why airlines do not care for them. In the US they have artificially made laws that encourage going through colleges, not necessarily degree courses, but tailored, integrated flying schedules that should (not always) result in better training outcomes. All the college courses there offer is a reduction in the hours required for an ATP, therefore faster access to the airlines by say a few months to a year depending on how many hours your first jobs earn you. In Australia the Uni course baits you with subsidized flying, through VET or whatever the flavor of the month is, reality is it's juts a loan you have to pay back like any other, even if you don't finish the course.
If you want a cadet program, do your research. Rex cadetship would be good, however it's all in administration and you have a good chance of losing a lot of money if it does finally get wound up. QF cadetships, are barely that, they are just Unicourse scams or branded courses that train you to the same standard as anyone else spit you out, and then you find your own job. If you are lucky you get an interview offer in a few years, or some contacts where to get that first job. Most likely it will involved being an underpaid junior instructor at the same college you learned at. Sharps probably offers the best option right now, (depending on price that is) if the cadetship still gives you a year or two of flying on completion you will be a few hundred hours better off than a bare commercial newbie.
Good luck, and do your homework...