If this scheme gets any legs, the end product will have had Multi Crew Training and be a far better product (for an airline) than someone who has spent 5 years flying single pilot into Numbulwar.
The 'product' hasn't changed that much in the last 20 years. Being a graduate of that 'product' I can tell you from first hand experience that it is NOT enough to prepare you for the RHS of a RPT jet in Australian airspace under the normal airline training regimes. The 'multi crew' stuff in an artificial environment of a Level 4 (D, whatever) sim isn't going to adequately prepare people for the vagaries of the job.
Were the airline training regimes to change significantly from what they are now THEN they may be acceptable but you're talking about an active on the job training and active mentoring/ feedback system. Something well beyond what Qantas currently has and what my friends with DJ and J* say they have.
As for comparisons with Europe, they may be different but each environment carriers different risks. Arguments about which is 'harder' are ignorant as to the inherent risks in both environment. Just because European operators cope with inexperienced people in the RHS of airliners, doesn't mean it's the right thing for Australian conditions. We are different and require different emphasis in our training. Those that claim Europe as being 'harder' than Australia and therefore that 200 hour pilots in the RHS are acceptable in Australia are demonstrating their ignorance of those differences.