Many have already gone to other airlines where their experience is seen as an asset.
That's good to hear, I'm glad employees are voting with their feet.
Often it's the valuable employees who leave first, because they're 1. marketable and 2. have the drive to move. Of course many valuable people can't leave due to personal reasons (financial pressure, not being able to move cities etc) and guess what happens? They get disengaged. Guess what that does for your business, particularly when you're in the customer service game? Lots of harm. You don't need an MBA or a consulting company to figure that out but it seems to be too hard for Qantas management.
So what is the end game? Run a really crappy airline? Seems a pity when a number of low and medium cost operators seem to be able to keep their staff reasonably engaged and costs down. We never have fifteen concurrent threads on here about how terrible Virgin or Air New Zealand are to work for.
Either way, surely it would be really hard for them to go broke while they are one of only two major domestic carriers in Australia. There's Tiger, but they don't seem to be all that expansionist or wanting to break the LCC mode. If another competitor entered the ring it might get interesting (a la the Qantas/Ansett/Virgin thing) but barring that, I'd have thought they were in a pretty secure position.