The company has had 94 years of often dud management and has the cumbersome award as a result
No they have many of the conditions after QF pilots in the 60's got tired of the BS and went on strike and defeated management. They then got a whole bunch of stuff in their agreement that management have being tried to remove for 40 years. Most of the 'outdated' items are there for a reason. More than likely because someone your grandfathers age got screwed over so they got it into the award.
What you get paid and your conditions are nothing more than what you agree on. Nothing more nothing less. Whether that is fair or reasonable is immaterial.