If the QF/EK partnership is so bad, then explain the reasons for it's renewal (with no QF flights to DXB).
Clearly the framing narrative in September 2012 has now changed: Qantas international is no longer 'terminal'. Having impaired the Qantas fleet in a case of interesting timing, disaster was averted to the tune of $326 million in depreciation. This formed the basis of the 'transformation' the other $597 million courtesy of falling fuel prices.
The
possible upside for a continuance of the alliance, given the ACCC's original summation that there would be
material but not substantial benefits to the consumer COULD be that this is to continue with an extension. Having surrendered European presence other than the two flights daily to London, the EK 'alliance' bringing likely negligible revenue to Qantas, it would still provide valuable feed into the domestic network, thereby protecting what was always seen by insiders as the jewel; Qantas domestic.
Given statements made to the ACCC for the Alliance's formation (By Qantas) it is now very clear and supported by financial and government data that any tangible economic benefit was captured by Emirates. As was stated earlier, fortunately Mr Joyce didn't get the ten years he wanted.