There is a slightly positive side to this, another airline will start up in the future to fill the vacuum (should it ever come to that), experienced airline staff will be able to find work again. Australia cannot exist with just one airline.
There has been ~4 major airlines go broke in 20 odd years. If 3 of the worlds major airlines can't make it work here why will anyone else? The previous management had it on a platter and they still cocked it up.