Not sure why a few of the people on here say "get over to the EU get a JAA licence, people jump straight into the RHS of a jet with 200-300hrs"
Only a FEW people actually jump straight into jets with 200-300 hrs and that depends on which airline Mummy and Daddy work for.
Given the cost of training in the UK and the current airline situation with carriers reducing capacity, I'd stay clear till that picks up again...which it will.
You referenced the QF Cadets being competitive....well lets face it what isn't in this world. Getting a crappy job at Myers is competitive, the world has too many people for all types of jobs, there will allways be an over supply of pilots cause its a great job to have. Don't let anyone tell you theres a huge shortage of pilots.....it's just bull****. Yes the cadets will cost you $AUD70,000 plus accomodation costs, not too mention 3 return trips to SY at you expense plus selection test fees! oh and of course no gaurantee of a job......no job is ever gauranteed, even when you've been offered a position.
My advice apply it's worth it if you get it.
Last year there were 31 cadets accepted and over 500 applied, not too competitive in my opinion. Gives you a 6% chance of getting in.
As they say you have to be in it to win it!