In summary, it's probably a great idea for an airline, with a good brand and complacent opposition. It's just the wrong time to do it.
Better to wait one year and start again when things are a little more fluid?
As for the employees terms and conditions however - they are just a disgrace. A new industry low and a recipe for industrial and commercial disaster.
THESE need to be scrapped and refreshed with a package that will not cause employees to become quickly disgruntled, disenfranchised and angry. The very factors that now make Qantas (and United) so unappealing and the very opposite of what Virgin is SUPPOSED to stand for.