All that happened in the last pilot shortage around 07-08 was that airlines just lowered all their minimums ably assisted by CASA.
The only people who struggled were the ones who had insurance company imposed requirements.
No a good look when a insurance company is more stringent than the regulator.
Remember too that aviation CEO's are generally selective capitalists. They only like it when it works in their favour. When there are 1000's of pilots they love to remind you that there are plenty of people around who want your job and that's why you'll be taking a 2% pay cut in real terms this EBA. When the labour market turns against them they all come out in the press blaming everyone one else about how they have a crewing problem and start pointing the figure at the government for not training enough people. So the government responds by lowering the requirements.