I think it was predicited by many people from day 1 of Jetstar, after enough years the Jetstar brand or at least some of it will be rebranded back into Qantas coulours.
There is no way you are going to let one of the most recognisable marketing icons such as Qantas go under. What management ideally want is Qantas coulours and pay Jetstar salaries. It is going to happen. You know why, because the Jetstar excercise has already proven to management that pilots, flight attendants, check-in people etc will fly/work for those lower salaries. It is just a process of slowly introducing that into mainline.
If it doesn't happen, then maybe Mr Harbison is right. This is no normal recession, not just a downturn and then come out the other side. This recession is significantly going to change the way lots of businesses/industries run.
Qantas will have to be a very different beast to grow and continue as a great airline.
This is not meant to be a negative post, just that i think reality will be very different now.