The thing is 40K is a hell of alot cheaper than the QF cadet program and atleast REX will give you a job out it, Qantas may or may not. Big difference REX is actually putting something towards your training etc, where as QF may reduce some of the costs but its still a hell of alot of money plus doing the Uni degree you are going to have HECS/FEE HELP loan to repay to the government and ontop of that you have your flying debts.
REX may not be the best airline in the world or pay the best but at some stage they are going to have to improve the wages and condtions.
Will be interesting to find out more details, i have applied but would want to know a hell of alot more info before i was to do anything.
Wonder if they will do a 'roadshow' for info, or if they already have enough applications/suckers(as it could well be) not to have to do anything.