More info at:
http://www.qantas.com.au/info/about/employment/pilots
I can't find the very detailed page of info on QFs website (saw in a few months ago).
They are nothing like BAs. Firstly you must have Australian citizenship. Qantas select you, you pay for your own training, then you have to go away and do 18 months work experience. Once you've done all this and subject to current requirements you join QF as a Second Officer (as far as I recall).
Their website does say however, that they have the go ahead to run the scheme in 2003.