Of course it is!
That is all they have in the bag. There is no magical 20% IRR, the only way is to cut terms and conditions. "workchoices" gives tools like these the ability to do it, that is for any union silly enough to sign off on an EBA.
The funny thing with Ryan Air is that the now don't charge for endorsements. They pay quite well. They couldn't get sufficient pilots. It is called supply and demand.
If they try to break unions at Q, they may in fact haemorrage cash. Taking the unions on may make this whole thing untenable
As to the quip about BA cabin crew, read theforums. The "sickness" policy has them in a monitored disciplinary procedure with three illnesses in twelve months. That is one of the reasons there will be a strike, but never let truth get in the way of good spin!