I don't really buy the "we didn't know it was coming" argument. Dixon has been squaking about Emirates and the other Gulf carriers for years, to no avail. So if he knew they were such a problem, why were all the QF aircraft ordered? Likewise, the LAX services. Over-reliance on a route duopoly in an ever-liberalizing world is not clever strategically. Weakening in demand is a global problem at the moment, but QF problems go well beyond just the current economic situation.
Amazing on a Board that has continually panned QF for not investing in the 777 and old aircraft, they are now getting panned for investing in the A380 and 787