Yes wow.
New management are making smart decisions. They are in it to make money. While staff get screwed, they can at least be assured of a job and a future. They have previously spent 10 years working under management that made a loss and teetered on the edge of going under until it happened.
VA with a single type is essentially going to be the South West of Australia. If they can replicate the profitability and culture of SWA, well then I think most folks will be happy.