QF
All this sounds familiar to me here in UK. BA went through this scenario some time ago. Huge unsustainable losses, high costs, and some very restrictive work practices. QF also have the very high Aus $ to contend with. The early A380 buy probably a bad move, as the later twin jets far more cost effective
When restructuring and productivity requirements requested, the CEO Willie Walsh also vilified by the union led minority who wanted no change.
Luckily most employees saw sense and backed the Company. The main Union opposing change, Unite, backed the cabin crew who went on strike. As the majority of other staff supported the Company many voluntary ground staff and flight crew were trained up as temporary crew. The strike, poorly supported soon collapsed.
BA is now in healthy profit and a Brand leader.
BA also find it hard to make profits on the Aus route having recently dropped the B744 to a B777 on the Syd with its much lower fuel and crew costs.