Yes that's correct, but that was always the case. Having said that though, most cadets that successfully completed the course were placed in flying jobs within industry, by QF, till QF mainline required them.
However, further changes to the scheme took place around a year ago, no longer are cadets placed in flying jobs. New cadets now are required to find their own work to build on experience, only then will QF offer a position if one becomes available. So, the QF cadetship is not so attractive anymore. It may revert "IF" the so called aircrew shortage returns.
If anyone is looking at airline cadetships, take a peek at the one offered by Cathay Pacific, probably one of the better ones at the moment.
Cheers
Os