Just to add to rmcdonal's post. His figures are all well and good, but the assumption made is that you commence your flying training course with all monies ready (or at least a sizable portion available). When I graduated from school, most of my classmates would have struggled to afford a near new barina, let alone CPL costs, which means you may be required to work full-time to fund your training - this slows things down. If you are a 'career-changer' I agree, an Aviation degree is a red-herring, however for the 'average' 19 year old school leaver an additional 1 year commitment, to gain tertiary qualifications in what could potentially be a 40+ year career, is sensible for those who want to further their education.
I will admit though, those who do choose to offset their flying training costs will have a sizable 'loan' hanging over their heads, this may not suit everyone. You will be required to begin paying this back once you start earning above a given threshold ($47,196 for the 2011-12 income year), at a rate starting at 4% (heck even union fees take 1% of your income) of your income, which I think is rather gentle, and a rather small price to pay (if you'll pardon the pun).