Over the course of several years, Australia has witnessed a gradual decline in pilot wages and quality of life
I think you are not standing back quite far enough. Things were not all that bad up until around the late 80s, although the Ansett amalgamation didn't help out promotion prospects for some time.
Abeles, Murdoch and Turbo Bowtie led the charge to eventual oblivion.
It has been all downhill since then. Unless, and until, the pilot group stands united, things are not going to improve to any extent. Is that likely to happen ? I suspect not anytime soon.