The argument about free trade is long finished and the results are well and truly on the side of the free traders. All Australians will suffer as a result of this decision because experience has conclusively shown that protection costs more jobs than it protects.
Has it crossed anyone's mind that an increase in passenger numbers will require more seats and hence more flights - that means more crew, more aircraft and more maintenance jobs. It would even mean that SIA would have to hire more pilots - creating more jobs. Qantas would also pick up additional pax - meaning more flights, more crew etc.etc., and might actually maintain profitability.
Then of course those increased passenger numbers would include a signifigant number of inbound US Tourists, which would creat demand for domestic QF flights, more aircraft, more crew etc. etc.
It's not theory anymore guys. Were any of you out of short pants when industry protection started getting phased out? All the pundits said the sky would fall in. It didn't. Look at the economy today.
The longer QF puts off taking the tough decisions about supporting an open skies policy, the harder its going to fall when the walls come tumbling down.