I can't for the life of me see why Jetstar would do this, unless it has a financial interest in the training fees being paid.
I've flown with the product of such c=schemes in the UK and the UAE, and in the end, the graduates make decent enough FOs and eventually make perfectly acceptable Captains...
HOWEVER that is in environments where there isn't the large GA scene like in Aus.
With hundreds of highly experienced guys waiting in line for a chance at a Jet, why would J* give preference to zero experience newcomers?
Whilst I have no problem with Cadets generally, I can also assure everyone that a guy or gal with significant GA or Regional experience makes a great FO and a very good Captain in as short a time as the company needs.