GA is a good example where supply and demand just leads to business closures, not higher salaries. Aviation is generally on tight budgets, it gets too much the company just shuts its doors rather than pay exorbitant prices for labor.
That being said, you are paid what you and your colleagues negotiate in Australia. Most airlines operate to EBAs that are put out to vote by the workforce and you either accept or not. If you don't you have to justify your position and strike or leave. The Bosses know exactly what they want to pay you, they are not blind or indifferent to the shortage of skilled labor here, but they are not going to cave in and up yearly salaries that impose cost burdens into the future. As I said earlier about the train drivers in NSW, they could just resign en masse and no one could do anything and it would bring absolute chaos for a long time forcing the gov to negotiate. Are you willing to go that far? Or is the job and pay enough that you don't care? It's easy to say that YOU feel YOU should be paid more/better, but does that apply to the majority at your workforce, and if you are the odd one out, it's probably time to move on rather than but heads. If everyone at the workplace feels the same way and wants better conditions, for gods sake get together, join or form a union and negotiate. If its that bad, all put in a joint resignation 4 weeks hence that everyone will resign by x date if negotiation doesn't happen. Regardless of strike rules and PIA etc, no one can force you to remain employed somewhere you don't want to be.