Given the QF group stated value ROIC is 10%, and the JQ group is operating at closer to 15-17%, tells me they want blood out of a stone to maintain the 10% during rough times and protect the share price, while failing to reward staff during the good.
On the surface all of what you say seems sound Bula, but it might be a little different from the exec's side, since they know the 'real' numbers (or they should!) and have an idea of exactly how much Qantas is subsidising JQ. Since they don't publish figures, it's impossible to know. Throw in the intense hatred all management have for crew and Joyce giving them hell from above - I can see there could be a lot of stress to 'perform'. And they deserve every last drop of it....