After 9/11, some US Airlines went in to Chapter 11 bankruptcy protection as they were deemed too big to fail, as a result they received almost unrestricted exemptions to US fair work law equivalents. This has left many US pilots on food stamp eligible pay. (Colgan Air Q400 being the classic example)
Australia is a different market:
1) As much as nobody would like it, no part of the Qantas group is too big to fail. The Virgin group would pick up the slack, as was demonstrated following the collapse of Ansett. (albeit with Qantas and Impulse)
2) Despite last years results and rubbish return on equity, the Qantas group is a long way from going under,
3) Neither side of Australian politics is likely to give blanket exemptions to workplace laws due to "tough times" within the Qantas Group when it has been clearly established by the senate enquiry that many of the Qantas Groups poor results were arguably self inflicted. Hence no taxpayer funded line of credit. Regardless of your thoughts on this government, Joe Hockey has already flagged an "end to corporate welfare" specifically in relation to matters such as Qantas.
4) The post 9/11 problems that have characterised the U.S. Airline industry still permeate today as these marginal terms and conditions still apply and better managed organisations are forced to compete with carriers that, notwithstanding food stamp wages, would otherwise be deemed unprofitable and ultimately forced to go under.
Almost none of these circumstances apply in Australia at this point in time, despite AJ's desire for it to appear so. QF pilots have already demonstrated that post 9/11 and post SARS they will always sit down and talk about helping out their employer in the event of an actual crisis.
In the mean time however AJ can get his backside down at the negotiating table and negotiate in good faith.