@OP, I hope you don't mind, but I cyberstalked a bit to get a good guess of who your employer is. From the looks of it, they do a lot of work-for-hire games, pitching low budgets to publishers to secure work, then splitting the company into 2 or 3 or more teams to pump out several super cheap ~8 month projects simultaneously? And they've been doing this kind of work for a while?
If my guess is right, then they're probably pretty stuck in their ways. I imagine any complaints about the conditions will be met with arrogance and scorn for your concerns. The suggestion that there could be a better mode of operation would probably be seen as an insult.
This wouldn't be some "have to do overtime to save the company" situation, it sounds like a company that's been stuck in that rut for so long that they've lost the perspective required to see the harm in it.
FWIW though, I worked on dev in the same sub-sector - hundreds of employees, almost entirely a never ending series of different work-for-hire games for different publishers, pitching stupidly low budgets at publishers just to secure work, short deadlines, etc... And I only did one day of overtime, because I was the lead and had to get a build out...
In my humble arrogant opinion, endemic crunch occurs because not enough staff are willing to say no to abusive working conditions, unless their colleagues are already doing so. Without a union movement to present a unified stand, or other role models to lead the way, it's hard to be *the guy* who takes a stand.
Unfortunately, the options are often "meet the publishers' schedule that we don't have the time or budget for, or shutdown the studio and lay everyone off." Sure, it's quite possible that this is because of managements' bad scheduling and negotiation, but the end result is the same: deal with it or be out of a job.
I've been in that position, and didn't do free work to save someone else's fortune. I went unpaid for months, sure, allowing the owner a interest-free loan on my salaries. But when we shipped the project, we all got our owed wages paid back.
Doing extra work for free to save a company and then not being paid for it... That's just management taking their staff for granted. It doesn't matter if you're on a salary instead of wages -- extra work hours should at the very least be repaid with extra leave balance. If everyone does 150% of their normal hours for two months to get a game out the door, give everyone a month of paid holiday after the project to pay them back.
If you want a job where you get a high salary that accounts for the fact that you're "on call" to do overtime with short notice, go into sysops.
If an employer wants to tell me that I, as a software engineer, fall into that same category, then it's clear to see that they don't respect me. Fair enough if they want to call me to put out a fire -- they're about to show the game to a publisher and my code is crashing -- I'm ok with doing genuine emergency work... But when a regular day is a permanent emergency... Just say no.
The worst thing is when many of the workers in these companies are fatigued and spend half their day on Reddit, but are still applauded for having great work ethic because they spend 16 hours in the office. Meanwhile, someone who actually does double the amount of work in a 7 hour shift is seen as a slacker. Unfortunately, just as in humans, I don't know of any cures for an autistic company culture.
... is this Melbourne? I'm now really regretting not taking advantage of any Melbourne-based job offers... ;)
Australia has legally enforced the 8/8/8 day AKA 40 hour week since the mid 19th century, and now the 38 hour week since the 80's.
It's slowly been degraded, with companies given the power to override law with employment contracts... But a few years ago we again made 38 hours legally binding, even if your contract says otherwise.
Coincidentally, today is Labour day here, also known as "Eight Hours Day" 
AFAIK, lots of European countries have the same protections for workers.