People keep going on about reducing the wage cost at QF like it is the single biggest reason for the company's dire financial position. Even if you cut every employee's pay overnight it would not make any significant difference to the current position.
While the issue of pay rates will probably need to be addressed at some point, QF has much more significant issues to address first, if they are to have any hope of being around in the longer term.
One is to stop flushing money down the toilet of senior management's pet projects & another is to stop trashing the brand. But this won't stop until, depending on your conspiracy theory position, the ineptitude of the senior management team is recognised & dealt with, or the ulterior motive for bringing the airline to the brink of financial collapse is revealed & acted upon.