Qantas International (or any other full service, premium airline) cannot compete effectively against Scoot, Air Asia, Malindo, Norwegian or any of the multitude of International LCCs that have thrown their hat in this arena. The cost base is too high.
I'm certainly no Qantas Angel, but the dual brand strategy seems to be working. Sometimes JQ is a sword...at other times it is a shield.
The crucial thing to remember, however, is that it is attached to the hand (of Qantas). It is not really a separate company. There is only one share price!
The (financial) health of the entire group entity is what REALLY matters.
PG