However, in Europe they lack a GA to draw from and still manage crew their aircraft. Cadet schemes and deferred loans will be introduced. Virgin has already experimented with cadets. Qantas also to a greater degree.
Agree with you that is what is occurring, BA have reactivated 'subsidised' cadet training. They also recognised a demographic problem in the existing crew pool: median age was too high. Ryan Air make much of their 'recruiting' but contacts tell me the problem is not dissimilar: Demographic and experience levels.
The beast must be fed is absolutely correct, but the problem of their own making,is there is simply insufficient demand so incentives must be increased.
I would be watching the GA feed (reference the CASA annual report with respect to issuance of CPL and consider nationality of licence holder: hint not majority Australian) So if GA lacks candidates and regional airlines are feeding the majors the problem will begin to manifest firstly through GA (tick), then through regional network (tick) and finally the major carriers.
The question I would consider is if the major airlines in the USA and Europe have only recognised it in the more recent past and have sustained shortages, then, although late, Australia is likely to experience exactly the same phenomena as the demographic spread in the industry is almost 100% correlated.