I dont work for Qantas so I dont know the specifics of what is being offered, but I dare say there is more than a base pay issue at stake.
If another entity was to be created from scratch I dont think it will be for terms 'slightly less' that SH already has or it wouldn't be worthwhile, which circles back to who would do what is arguably enroaching on A330 flying.
Alliance haven't got 457's, they have only said they need them, there are no grads, and I'm sure if there were an abundance of unemployed VA pilots or homesick expats they would have already gone to to Alliance or Network as to pay the bills / get home.
As sure as night follows day the next phase of Winton in the years ahead will 'require' further cuts to T&Cs to the point you need to ask where you are going to draw the line and say no.
If you don't have have one you might as well go and join the likes of Network now instead of waiting to be on par anyway.