If training in rural areas really made people better doctors and more attractive candidates for specialty training positions, then we wouldn't have these workforce distribution issues.
Living and working is hard in rural areas, there is no way around this. Suicide rates are high, drug addictions are high, there are antisocial elements from being so disconnected, they're hard to get around, lack of schooling opportunities for children, lack of work opportunities outside of primary industries, the list goes on... and for this, junior doctors who are often start postgraduate training around the time they settle down with a partner, or have some kids, it is very hard to justify to live in these rural areas.
For young junior doctors, its hard to move to a rural area with a spouse and kid for intern or residency year, just to throw it all up again to move to somewhere you can actually train as a registrar. Take a look at this quote from an article published in the AMA about the factors that lead to doctors deciding where to practice
Postgraduate education occurs at a crucial time in a trainee's personal and professional life. For most specialties, this training is currently based in large urban centres, and trainees spend very little time in rural settings. Thus mentor–trainee relationships, life partnerships, work opportunities for partners, purchases of homes, and stable child care or schooling arrangements become established in urban centres.
This is the entire idea behind the rural training pipeline the government is funding. To allocate extended terms during a registrar to essentially spend a large amount of their time, training in a regional training hub... same with opening medical schools in Orange, Rockhampton, Shepparton, Wagga, Bendigo, Midlura, Dubbo, etc... It's to help people get settled in rural areas so they can train there... if the training opportunities were equal in the first place, they wouldn't need schemes like this.
Knowing about the limitations of a BMP is not self serving, or self interest. It's reality. It's the reason that 95%+ of people break the bond for a financial cost, because despite earning more in a rural area, or getting more work, or more 'hands on experience', it is a harder lifestyle that can hurt your future.
villanelle35 - I wouldn't be too worried, personally I would take the 5 year one. A bonded agreement is not the end of the world, mostly due to its ability to be broken and payed off (lets be realistic here: is the primary motivator behind the scheme for the government), and you will 100% change with what speciality you want to be before you graduate
ETA: I might add that I am a bonded student and interested in rural practice... and am in no way acting in 'self interest' with pointing out the flaws in the the scheme, by preying on teenagers who dont fully understand the career or personal affects a bonded career may have.