Those who have been around for a while will have seen this wheel turn a few times before. Slowing economic growth and rising fuel costs will fix the pilot manning issue in the RAAF (IMHO). The aircrew/pilot sustainability project (or whatever it is called) will be shelved for another few years.
And if you think I am wrong, read Fridays news. QANTAS is planning to cut 1500 jobs and cancelled plans for 1200 new ones.
Qantas cuts 1,500 jobs - ABC News (Australian Broadcasting Corporation)
As for RAAF being unable to attract new pilots, go check out the rate at which 2FTS is churning out bograts!! A full course graduates every 12 weeks now.