No it doesn't. Supply & demand in Australian airlines only results in varying entry requirements.
This is only because the supply never really ran out, or got to a level where the major airlines had problems recruiting. Only available experience ran low not the supply of pilots.
Unfortunately the airlines still have a massive pool of people willing to pay their way to the top. This will cap sallaries until it is fixed because the net cost to an airline of a new hire is zero as they have paid to train themselves. Your value to the company is zero, they can replace you with the next person willing to pay for the privilege of being worth nothing. The pay is only set to provide a level of turnover and pilot experience base that is managable for the training department. If the airlines are forced to provide training at a cost to maintain a workforce then they will pay more to retain those that do the job best.