Congratulations people - you're discussing this matter in an open, honest, and more importantly, ADULT manner. It's a stark contrast to some of the other threads that have existed here (not naming names, of course...
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Strong communication is required now between you and the FAAA as to where you go with this. Remember - it's YOUR union, so get involved!
However - be mindful that while your reps will have invested much in the EBA, I do believe they're professional enough to recognise it's defeat, and come up with something different in round 2. Don't discount your reps on the basis that they will feel 'angry' or upset their 'baby' didn't get through. They'll pickup where they left off and start all over again - hopefully, this time round, with a clearer idea of how the majority of crew feel.