BBB.
I reckon you are right about the company wanting mass redundancies out of seniority order, as well as about the arbitration piece.
QF have not negotiated in good faith at all since the beginning of EBA negotiations, and that has all been about getting to this point.
Don't think you a right about QF Capt's displacing anyone else in the group however. Joyce has been pretty clear he wants the "rouge overpaid pollution living in cloud cuckoo land" out of the industry altogether.
With extreme prejudice and maximum personal financial and emotional damage to each and every QF pilot.