As TG mentioned, what happened on the sixites was young blokes with little experience were put next to Captains with significant experience on piston engined aircraft. They were not put straight into the RHS of a jet with a Captain who may only have 5 years on type.
What I want to know is where is Dick Smith? He is always banging on about how Australia should follow the FAA rules and regs e.g. airspace and TAWS equipment on turbine aircraft of 6 seats or more. As was mentioned in the Senate Enquiry, if an ATPL is required to be PIC then it should be required for the 2IC and not the current situation where the F/O hasn't even completed the subjects for an ATPL.
As for the "superior" training that the cadets get, they still don't seem to be able to anticipate what the aircraft will/should be doing in the next 5 miles. Yes they can set up the FMS, yes they know the procedures as written yes they can land the aircraft in a headwind but when the wx turns nasty they have no experience on which to base a decision on.