VH-UFO
You are correct - and I shouldn't think that there would be any more than 60 odd % get an airline gig.
Wot a rort - gimme your $100,000, we'll train you. But what was that I hear - you want a job afterwards? Wellll - that is a different matter, not sure that we can help you there.
And if BK is anything to go by, even less ATO's. The merest sniff (don't worry about proof) of anything agin the wishes an FOI will see all approvals cancelled, and, in some cases, a multi thousand hour ATO reduced to a student pilot licence.
Bring on an objective based system, tick the necessary boxes, all done - or there won't be a GA industry. And soon.