Should SQ get approval to get 5th freedom rights beyond Australia, whether it be in 12 months, phased in or whatever, then expect Emirates, Cathay and Virgin Atlantic to line up.
Singapore is an island and has no domestic traffic and have encouraged airlines to come in for the benefit of the economy. Emirates and the UAE works the same way and Hong Kong is slowly heading that way.
The EU support this happening, but are reluctant to give unfettered capacity to UK and some European airports. At the moment all the capacity on the Kanga route has been used up and if you want more be prepared to pay big bucks for slots at LHR in particular.
Singapore has nothing to lose, as do Emirates, but QF have nothing to gain but a lot to lose. Competition will be good, but there will be losers.
Roll on the likes of B777-200LR. Straight through, no stops.