AnQ
Your absolutely correct. In fact if QF paid mailine pilots half of what Jet* pay they'd could probably make a whole lot more. And they may find they are cancelling flights, like say, um Rex. No revenue (or profit) in that for shareholders.
Unfortunately for all concerned (ie both pilots and management) there are considerable legacy issues which don't just dissapppear from an employment relationship.
As for cost of fuel ..... every carrier has that .... no competitive advantage is lost ...... it's not an issue (for pilots) until people stop travelling.
The issue for pilots is how they make the most as a group out of todays circumstances .... and in the future .... when a supposed shortage of experienced pilots during a time of demand.
I would have thought that a smart aircraft operator would be trying to gain an ongoing cometitive advantage by locking in those employees who are the hardest to replace (pilots and engineers).
Just a thought
Steve