TuckMack there will only ever be a artifical pilot shortage in Australia never a real economic shortage. That is because immigration law blocks potential applicants. If anyone in the world could apply to any position in an Australian Airline there will be a permanent queue around the block as Australia is a desirable place to work.
So from a pure economic theory perspective the pressure will be on airlines in the Middle East. Asian carriers will just keep pumping out locals but the ME airlines don't have the population for that. Australia and NZ are always going to have people moving here.
The way it will probably play out here is through hiring of foreignors through 457 program which will circumvent any shortage.
Also if there is a real worldwide shortage as you say how do you explain Norweigen International who are about to go in and under cut all the US carriers on the Atlantic on a pretty low ball contract.