Add in allowances, superannuation, hotel costs and the old boilers don't look quite so cheap.
In Singapore, baggage handler is one of the lowest paid jobs in the country and SIA aren't concerned about them going on strike.
Look at the competition on longhaul; Cathay, SIA, Emirates, Etihad and soon Qatar. Three of those are Skytrax 5* rated
Airline Reviews, Airport Reviews, Flight Reviews, Seat Reviews and SKYTRAX Airline and Airport Star Ranking, all have lower labour costs due to the ability to employ from Asia and the Indian sub continent. Qatar Airways don't need to make a profit with all their reserves of natural gas, as long as its big and prestigious let the money burn.
Domestically who knows ? Virgin have problems of their own, Tiger not yet in the black but British Airways weren't too concerned about a small Irish Airline starting low cost flights.
Ryanair - Book Cheap Flights to Europe - Cheap Flights from the UK
I remember seeing the head of the United Auto Workers saying that things at GM were so bad :"Even if we worked for nothing, it wouldn't help." Don't let things get to that stage.
A reduction in QANTAS pilots terms and conditions helps drive things down for the rest of us, and a large number of pilots on the job market at once doesn't help either. If things can keep going as they are, fine. If not please sort it out before it affects everyone else.