If I was a junior QF pilot right now, I would be hoping for a limited amount of retrenchments....
Sounds silly I know but (and this is the real reason why large retrenchments are unlikely) QF must offer VR first before any compulsory retrenchments.
A Pilot with say, 35 years in QF would be entitled to 135 weeks pay at highly favourable taxation rates. Anyone with 3-4 years to go to 60, and who was planning to go anyway, would be out like a shot, leaving the 744 Captain ranks rather threadbare.
Massive promotions would actually be needed, which coupled with the huge VR payments to the company's top pilot earners, would render the exercise a waste of money and counter-productive.
Stop worrying guys, it will take more than this overhyped SARS thing before there is a problem.