Granth, just get the 150hrs buddy! That's 2 months work in a good GA job. REX, just like QF, has introduced two avenues for pilot employment - direct entry and cadets, and a line has to be drawn to separate the two. In this case, it's no/little experience vs 800hrs with 300 MEIF (or whatever it is now).
"A trained, Australian guy - knows the drill, been there done it, spent the bucks, already been involved with operations, knows the country - I can speak English...."
You sound like every other Australian pilot.
The cadetship is there to teach the cadets how to fly the way REX (or any airline) wants them to. These guys will be trained how to "operate an aircraft" and "fly one in the crap" just like any other IFR pilot, so lets not bag them out because of their current experience, that will be built upon as their training progresses.
Most would argue that 150hrs shy of REX's mins is far from being experienced! I would agree with you and say go back to the bush, meet the mins, get the job.