Traffic,
Best post I have read on this forum for about two years.
QF loses significant economies of scale and operational flexibility by segmenting the airline.
It significantly increases the number of non-operational admin staff because of the need for each business unit to have functionality in the myriad of disciplines that are required for a safe and commercially efficient high capacity airline operation.
In essence - more blunts, on bigger bonuses at the expense of the revenue producing technical aircrews conditions.