The trouble with Qantas is that by definition the wrong people will be leaving.
Those with marketable skills will jump ship first. The unemployable clods and those with the political backstabbing skills will stay.
When we ran a VR program at Ansett in the late Seventies, one of its rules was that the company had the right to refuse an application for VR, because we didn't want to lose the good guys.
....The mistake we did make was failing to manufacture a big rubber stamp with "Not to be re-employed" on it. Ron Jackson almost had a heart attack when he discovered a year later that some guys he thought he had happily seen the back of had moved to Queensland and been rehired by Ansett - kept the VR money and with continuity of benefits as well!