I don't know the issues in any great details but from what I can tell Qantas are losing money because they cannot compete with international carriers. So they must slash costs.
This is not about a company trying to up profits at the expense of staff. This is about a company surviving in the long run or not.
The world has changed around the big airlines. Like them of loathe them, carriers like Easyjet & Ryanair have shaken up the market and people simply want cheap nowadays. So they're voting with their wallets. Even in companies like mine, we are mandated to use the cheapest carrier, not the one which gives us the best service or the best loyalty points.
So in order to survive, they have to be more like their competitors, outsource to lower cost countries. That way at least some of the existing Qantas staff will have jobs. Whereas longer term, at the rate they are going, none of them will.
It will be interesting to see what happens.