I think things are slowly picking up and we should see things looking much better later this year. Someone has already mentioned the "cycle". I believe we hit the top or the best part of the cycle in late 1999 and on into 2000. Back then Kendells were introducing the CRJ's, Impulse was gearing up for Jets,
VB had announced plans to start and the Qantas regionals were introducing more Dash 8's. During that time there were large movements of GA pilots into the regionals and majors, there many jobs were created in GA. But since early to mid 2001 the brakes were applied and things slowed and the events of SEP 01 hit and the handbrake was pulled. So for those who gained their CPL's or ATPL's in 99 and 00 things were looking great and everyone thought they would walk into that "airline job" very soon. Which leads me to another point.
It could be just me, but it seems most pilots these days what to "Jump before they can walk". Many new CPL and ATPL holders all think they should be in the left hand seat of a jet or flying turbprops has soon as they are issued their licence. I blame this on the Boom time we have just had and the good old flying school lies, about how easy it is to get that "airline job". New pilots entering the industry should look at gaining their CPL licence has the start of their apprenticeship. Many other careers, including the engineers who keep our aircraft flying spend 4 years of learning, before they are qualified to go solo. I'm not saying it will take you 4 years to gain that "airline job", but don't be in a hurry, build and learn more skills.
So you have your CPL so now put it to work;
If you need to stay in a major city (ie family etc), then go get an instructor rating. An instructor rating can be very valuable if you want to do C & T in your "airline" career. If you stay in the city and become an instructor, try to find out where the charter and airline pilots in that city drink and go there and meet them and introduce yourself, don't become a pain, but once in a while drop by again and say hello. Start networking. When you are between flights at you airport and you see a charter or a regional airline aircraft arrive, go over and say hello and ask to have a look around, once again don't be a pain, but you never know, the Chief Pilot of that company could be the pilot. Now the same applies if you have gone bush. Each time you get back to the city drop into that pub etc where the pilots got to drink and when that charter flight or regional airline aircraft drops into that bum f**k airport you are working at, go and say hello.
So after doing the above and still you haven't been lucky enough yet to be snapped up by a major airline (ie QF), you have gained more experience and a good network happening. And you finally get a multi job, once again use this time to learn and meet more people within the industry. So you do this for 1-2 years and if you still have no luck with the major, you finally meet the qualifications for the regionals or the larger turbine freight companies (ie pel-air). So once again your qualifications have increased, just like that apprentice aircraft engineer.
What I've written above may sound easy for some, others may say it's to much like hard work, but remember only those who are motivated will make it into the LH seat of an airline jet. I was Chief Pilot of a turbine and pistion operation in SYD/BK a few years back and all the original pilots whom I employed between 95-97 are now flying jets. One is with QF on the -400, two are with Impulse on the 717 and two are with Virgin Blue. These five guys are there because they had the drive and motivation. These five guys were all self funded. One had a family and didn't take up flying until his mid 30's, he is now in the RH seat of a
VB 737. I employed these five guys because they didn't mind getting their hands dirty, they understood that being a charter pilot was more than just flying the aircraft. I spent 7 years in GA before I gained a position with a regional and although I'm not flying jets, I am still doing want I love to do "Fly".
Like many I know pilots who spent 10 years in GA before they made it to the airline, others have made GA their life. Remember it does not matter what you are flying, it's better than being stuck in an office or a factory. If you are in GA, enjoy it, the flying could be the best fun you have in your career.
It may still look all doom and gloom at the moment, but CX are hiring again, Virgin Blue and Qantas are still hiring. Flight West and Skywest have new owners and may need pilots once the new owners bed things down. There also appears to be light at the end of the tunnel for Kendell and Hazelton.
And just to finish, all you new CPL holder's please learn how to write a CV. The position I'm in now I do get to see the CV's that pilot's send in and over 50% need work. I'm still amazed that pilot's are sending in hand written CV's and others or photocopy pages and pages of crap. All 99.9% of the companies want to see is a cover letter (use this to sell youself) and a 1-2 page CV, with your name, address, flying qualifications, hours, endorsements, work history and referees (with phone numbers). Don't bother sending photocopies of references, log book and licence, when you are called in for an interview bring them then.