If your airline survives and you keep your job your contract is not going to change.
You'll simply be handed another contract for your employment with the "new entity" airline which your old one becomes. As fewer pilots will be required employment will probably be offered based on seniority and they will simply move down the list if anyone refuses to sign. Unlike 1989, there won't be many opportunities available overseas, in fact Australian pilots will be forced to return home instead as foreign employers look after their own citizens first.
Pilot wages and conditions in this part of the world have rarely been dictated by supply and demand.
Wages have been kept high by the unions who will have little ability to dictate terms if airlines are nationalised under an emergency rescue plan. Public sympathy won't be forthcoming for "over paid bus drivers who only work twenty hours a week" when millions will be living hand to mouth on welfare. Realistically, if and when we return to work I wouldn't expect to be pulling in much more than about 75% of my previous income for quite a long time.
Major cost cutting will be the order of the day in all sectors of the economy, long haul flights and premium cabins will be the most affected for the airlines. There could be a possibility of Jetstar/Scoot B787s completely replacing the parent company's aircraft on certain routes which become unviable for the full service product, however at the moment you're far more secure on an A320/B737 which are much easier to fill and cost less to operate. Today's generation of narrow bodies are far more capable than those of previous years and could replace A330/B787s on many routes if the pax numbers aren't there. Airlines such as CX and SIA which are geared towards the premium end of the market will need to slash costs in a new era were price rather than service will be the deciding factor when buying a ticket.
The GA sector has been decimated so even a C402 job won't be an option.