We are being left behind
The QANTAS boys deserve their 2x 3% and a 4% increase, backdated over the last 3 years, I guess that would be significant considering the "compound effect" of the deal year on year. This is not really an increase, the inflation in Australia has been running at around those numbers over the last three years, so this is merely keeping up with CPI. Although it should be noted, CPI doesn't actually allow for some significant costs of living in Australia such as the cost of housing and few others.
The Cathay pilots based in Australia have not received these sorts of "increases" and I believe that a Qantas SO is now on a package well above a CX PAX FO based in Australia. The QF SO would also receive long service leave and other benefits that wouldn't apply to CX pilots.
In summary, we can say that the "grass isn't always greener", however the QF boys are receiving CPI increases that aren't being paid to CX pilots. These increases purely keep up with the cost of living and stop a degradation in quality of living. I can't see any reason why the same shouldn't be paid to CX pilots. Any failure to do so would represent a reduction in package over the longer term.