It's actually more like 120k and it received quite a bit of flak in the Australian aviation community. The reason the cost was so high was because of the flying school that was being used which charges almost $500/hr for a C-172.
Also, there are still direct entry FO positions in these airlines which don't require you to pay anything, but you need 500 multi command to apply.
In Australia, cadetships make up <10% of airline pilot recruitment. The rest come from flying in General Aviation, military and Regional Airlines.
You will find that most airlines in Australia and New Zealand require a complete ATPL before you join. None of this 500 hours on type rules like it is in Europe and Asia.
When you join an Airline like Jetstar, Virgin, Cobham, Qantas etc or any regional airline like Qantaslink, Virgin Aus Regional, Skippers, air north etc, you dont pay for your type rating, but you are bonded for 3 years, so lets say if you decide to leave before the 3 years is up, you have to pay the remainder of your type rating. But if you stay for the 3 years, the type rating is completely free. Even the pilots get paid while doing the ground school too.