My memories of this little known Aussie film are dim at best but I am clear on a story told me by the remarkable (and now late) publicist, poet, and friend of mine, Adrian Rawlins.
He took American reviewer Rex Reed along to 'The Set' around the time of it's release in Sydney, possibly even it's premiere. According to Adrian, Rex was wont to walk out on anything he thought was less than worthwhile. At the end of the performance Adrian said, "That was awful, I can't believe you sat through the whole thing!" to which Rex replied, "I know, I know, it was so bad, I couldn't move, I was riveted to my seat!"
Today I'm not sure where Rex Reed is, Adrian is immortalized in bronze on a pillar in Fitzroy in suburban Melbourne (his hometown). As for 'The Set', perhaps a retrospective of Australian cinema may bring this little attempt at breaking new ground to light again sometime in the future.