I think the accounts are far too heavily entangled for that to happen now, rudderless1.
You'd have to be living under a rock to not know some of the real-life examples of how money is moved between the two airlines, but unfortunately I don't think there is anything illegal going on. "Moral", "ethical", and "misleading" are not terms which are defined in QF Management manuals. The principle measure in the Qantas Group of whether a managerial action is acceptable, is whether the action has a low probability of resulting in a prison sentence.
Qantas shareholders, especially the institutions, don't care about the nitty gritty details or the colour of the tail. It's just the big $ figure at the end.