I think all good airlines are constantly trying to gain productivity and cut costs even during good times. I suspect Qantas has not had its eye on the ball with this regard especially following the collapse of Ansett where market share and money were handed to them and cost control took a back seat for a while.
Southwest for example treat every year as a crisis year in focusing on cost, even when making gobs of cash. Its a little neive for pilots at major carriers like QF to think they will be left alone as the world changes around them.