QF longhaul pilots are likely overpaid to the tune of around $100K per year each , really quite a substantial saving that could be made , but it won't be so the business will either go bankrupt or be shut down at an ever increasing rate.
Second Officers earning between $170K to 220K, that is more than a BA Captain (which you achieve at 15 to 20 years) these days
Comparisons with US carriers are meaningless, yes their wages have come back over recent years , but they were merciless with redundancies after 9/11. And from 2002 through 2010 QF SOs would have been earning more than the average Capt Wage as most US Majors. Don't forget also most US major pilots lost if not all ,then a substantial portion of their retirement/pensions
Remember after Sept 11 , Gordon Bethune immediately fired 20% of Continental Staff (furloughed as they would say, we would say redundant), and then cut the wages by 20% of those who remained.
Wouldn't have happened at Qantas , the staff wouldn't accept it.
The former QF Chief Economist , states quite simply that he doesn't think QF International can be saved. He presents as a credible voice who has moved on since his QF days, and now among other things teaches MBAs at USyd/NSW