In my opinion Qantas (management) has been running on borrowed time for the past few years with their "woe betide Australia if Qantas takes a hit" government lobbying practices. They've been telling their line staff to become more competitive at the same time as they have been successfully lobbying for an anti-competitive market share. Qantas cannot continue to shout advice to both sides while remaining comfortable on the fence. UA knows this and has just placed a well aimed shot across the bow.
Qantas' problems now? They can't expand without new markets. They can't get new markets without conceding to open competition. Both Qantas and Jetstar are a looooong way from being able to compete in the international marketplace without foreign partners. The Australian aviation market is protected to ensure Qantas remains inviting to foreign investment. No foreign investment is forthcoming without access to the Australian market. And the kicker...Qantas and Jetstar have had departments cut to the bone (eg. maintenance) and are in real danger of not just stagnating, but going backwards. That's just my opinion, but what do I know?