Ican'tcomment on this, as I'm one of the many who has no first hand experience of the Australian Aviation industry since that fateful day.
My only touch with it is what I read here and the steady flow of yonger Australian pilots I see moving overseas to take up employment. However, I don't believe that is any real indication of the state of the insustry - there were plenty who voted with their feet pre-89, be it for tax relief, faster promotion, or to strap themselves to a bigger jet.
I hope this one can stay unemotive, because I'd be interested to hear some opinions from people who are there. I think the most interesting opinions will probabl come, not from pilots soing 'mainline' flying for the Big Two, but from those outside the main airlines. From what I read here and from what's been said to me over the odd beer, they may be the ones with most to offer to this thread.