It all comes down to two things:
1. Supply and demand. This is a major one. We see it unfolding in the US right now. Wind the clock back 10-15 years and there were regional pilots in the US earning peanuts. Now their salaries have increased significantly and are getting $100,000 sign-on bonuses. Not even mentioning what is going at the majors and the freight operators. I don't think Australia will ever get such a shortage but who knows, I've been wrong countless times when it comes to this industry.
2. The industrial landscape. Take Virgin as an example. Fair Work would have terminated their EA if the company had applied for it - as a pilot group, you don't really have the upper hand or many options if presented with this option. Now Labour is in government and have changed the industrial landscape in favour of the workers and not the companies. Hopefully as an industry we can all claw back some conditions.
All the rest is mostly just white noise and calling the bluff of the company or vice versa.
So chill out everyone. If it all falls in a heap there are plenty of other jobs in other industries that pay better, work regular hours, weekends off, public holidays off and you can actually plan you holidays and get leave when you want. Aviation is a **** sandwich - we all keep taking bites and then get surprised with the taste.