Qantas has to be on top
Just keep site of the fact that Qantas has to come out on top, and give the orders to the Malaysians. That's government policy. Laid out pretty clear in the interviews Albonese gave.
These conditions mean Qantas will never merge with anyone except something like Air Vanuata. Not even the Kiwis will cop this. Underarm is still remembered! All of this merger speculation is such rubbish if it is the answer from the government is always and forever going to be no.
The only way Qantas will survive is to revalue is human resources, invest in proper maintenance, and fix the poxy service they dish up.