I'd agree with that.
What is your CV looking like at the moment? You may find that you are closer to that seat then you think.
Look, an incredible amount of people send out a stack of resumes, most to companies they shouldn't be bothering with, and then never follow them up. It's like if you send out 100 CV's, then mathematically you are guaranteed to get a call from someone. It doesn't work that way in aviation. Sometimes you're lucky, but normally you have to work for it. And some of the resumes I've seen are way off the ball. We had one at my former employer come through and I swear I couldn't figure out if the guy actually wanted a pilot position or a job as a marine biologist. But I digress.
Qantas says their current intention is to do some hiring in '07 and looking at cadets again in '08. . . possibly. If you meet the criteria and you have not yet applied, do it now. Apply anyway to if your short credentials to get on the books (I was a lost case with Air NZ until I got my NZ permanent residency, but I sent in regular updates anyway and it didn't take long for a job after I got my PR). Get to know the 'good guys' at the airline, the ones who will lend a hand to a person who obviously is serious about getting the job and are able to give you good specific advice, and perhaps help things along.
And get the Jetstar app filled out as well. They have a load of 787's coming and someone has to fill the seats. . .might as well be you.