The Sale Act does not block another shares placement so long as subsequent to the placement foreign ownership doesn't exceed the threshold 49 percent articulated in Part 3 of the Act. Qantas could easily launch another $1.5 billion equity raising through institutional placements and manage the foreign component.
That still doesn't buy them a partner willing to pump funds in the likes of Bain and PAG, QFs big partners in crime such as emirates are also treading water, and QF burned its bridge with SQ. On that point you will probably find SQ probably getting cosy with either VA or Rex soon for on carriage. Share dilution is not something you do willy nilly, if the books really start looking bad the share price is likely to tank. My thoughts are that VA is going to seriously challenge QF in the domestic scene over the coming years, Rex will eke out a niche like it did with regional services. QF will have to temper its fever pitched hold the line at 60% however as it will be bleeding cash to do so.