Current EBA
As shoppingcart said it won't be easy for the company to terminate the current EBA.
Are you aware that from January 2010 the workchoices introduced by John Howard will be rolled back and more 'favourable for employees' laws introduced?
2010 sounds a long time away but its not when you consider how long the negotiations have been going on with the current EBA. By the time the company and FAAA renegotiate and then Virgin may go to a tribunal to have the current EBA terminated it could easily be 2010.
Companies must 'bargain' once again from January 2010 so don't say yes to anything until 2010 (unless they did offer a good EBA).