629bus
Initially read your post and was ready to have a go - but you're pretty spot on, albeit with some reservations.
They are taking the LCC approach - the bottom feeders of the crew (ie anyone less than the designated PIC/Captain) will be paid what they can get away with; the dollars will be saved for the guys who will go to gaol if anything screws up (the designated PIC/Captain, strangely enough probably no one from C&T or management!)
The level of training (or lack therof) will be of little, or no, consequence in a court of law; the PIC/Captain will be the fall guy.
The postings so far have very little mention of PIC/Captain positions - there's a reason for that!
One point - the situation in Oz over the last 5-10 years has changed hugely, whether any individual perceives it as right or wrong it is now a totally free market where paying for endorsemants/moving ahead with unprecedented speed is the go.
Times change (also standards
)
Don't knock the kids - if they perceive there's a benefit they will live or die (or go somewhere fast or not at all) in their decisions.
Somethings, gladly, do NOT change!