Is the security light still flashing?
In theory, if the Vats security is still on then it shouldn't crank.
Not quite correct, view the Theft Deterrent excerpt below from the Holden VR/VS Service Manual:
Operation
When the ignition switch is turned to the on position, the engine management ECM/PCM will request from the BCM permission to start. If the BCM has received the correct security code from the remote coded key, then it will respond by enabling the start relay and giving the ECM/PCM permission to start (this allows the ECM/PCM to enable fuel system control).
If the correct security code is not detected by the BCM within two seconds of the ignition being turned on, the BCM will then monitor for Radio Frequency (RF) signal output from the remote coded key doors button. If the BCM receives the correct RF signal output from the remote coded key, it will then enable the start relay and give the engine management ECM/PCM permission to start. This feature allows engine starting should there be a malfunction with the remote coded key reader assembly.
Should the BCM not receive any communication from the engine management ECM/PCM with the ignition switched on, the BCM will enable the start relay after a one second delay. The engine will crank, but will not start as the engine management ECM/PCM has not enabled fuel system control (no fuel is injected).
NOTE: It is very important that the remote coded key reader is aligned correctly with the ignition lock assembly, or misalignment with the remote coded key contact may occur resulting in intermittent or no engine cranking or starting.