I think the lower cost base is secondary these days to simply crewing services. We are cancelling services on an almost daily basis due to lack of 737 (and A330) crew. In the meantime we look like reducing the amount of flying that needs to be flown by Jetconnect.
How does QF solve that problem in the short term? I suspect the lever they'll pull will be to use those JC crew domestically even if it means having to pay them more. It solves a bigger problem and means the training load can abate somewhat from 'manic' to 'simply chaotic'.
I don't like it and I don't agree with it but I reckon it'll happen. This has been a slow moving train wreck that was foreseeable from well before the demotion of 42 767 Captains, 60+ 767 F/Os and the RIN of various A380 F/Os to the A330 just two years ago.
It is just a matter of convincing the IR department that their Jetconnect "win" in 2011 will be undone by what you are suggesting and the fact that Qantas has just employed a floor of Freehill people to replace Sue Bussell means their antagonistic approach to IR is not about to change anytime soon.