You can't fight market forces. The traveling public are making the budget carriers plenty of cash while the legacy carriers are going to the wall. It is the punter that is calling the shots. You can hold on to your pay and conditions like they did at Ansett until the receivers move in.
If your airline can't compete on price (without losing money) and stop the budget carriers expanding it’s only a matter of time. Face reality and just realise that the traveling public are tight and your high airfares that pay your legacy wages are not desirable.