Contracts read. I'm not a lawyer, but I was once asked to foist something similar on my workforce, which didn't happen in the end.
1. Join a union.
2. Get a good labor lawyer to read the stuff. You do have some rights, at least in Australia, even if the company tells you that you haven't.
My Two bobs worth is that it is so one sided it's most likely unenforceable, furthermore, the lack of any mediation clauses is likely to make an Australian judge very angry if a pilot brought the contract before him.
My advice to Jetstar would be "If you want to make your contract stronger, water it down."