Qantas could have put AN out of business but didn't (AN put itself out of business).
BUT QF is now the defacto Ansett. It has higher overheads and a far too complex a fleet. A disenfrancised staff and rotten reputation amongst travellers.
VB, also a listed company, has lower overheads and (fuel hedging notwithstanding), therefore a greater ability to fend off competition, although a greater exposure to higher yield J Class traffic would be desirable...happy to be shown the error of this logic.
Just like AN 7 years ago, I think it is QF that should be scared now.