$10,000,000 sounds like a lot but it is merely:
1 mans salary and bonus for 1 year - good on ya GD.
As for genex:
QF pilots are paid only very slightly above the average for ALL airlines (and that's after the 9/11 inspired pay cuts in the US). Interestingly QF pilots are paid below many LCC's (QF 737 is significantly less than Southwest for example).
The problems you predict for QF may well come true, but it is because our management is too busy worrying about screwing wages down rather than running the business. Just one example out of a thousand is those ageing 744's you speak of, they should have been supplemented and replaced by 777-300ER's by now, but shusssssshhhhh! don't tell anyone, GD wants us to believe they're old technology.
With those aircraft we could fly direct to DFW, ORD, YVR rather than just LAX and SFO, therefore the inevitable competition on the Pacific would be much less of a problem then it will be with the present Pacific strategy.
Nothing to do with Pilots, Legacy carrier or AIPA, just poor management pure and simple.
Ask any QF employee we can point out many many obvious problems with the way management is running this airline.
By all means take a below par salary to help management out, but forgive me if I think you are worth more, and forgive me if I think management should be coming up with better ideas given the amount they are paid.
Just one question: What is unique about the Jetstar business that "requires" their pilots to be the lowest paid in the western world? Serious Question....