You may need to clear customs with your baggage and then check-in/standy for the QF flight. Being waitlist for the QF flight means the first Airline probably wont be able to "interline" your baggage through to your final destination in Oz with QF.
I maybe wrong but be prepared to have to clear customs/imm and go outside. Sounds like you have enough time to do this anyway.
The only drawback is that the nice transit lounges and facilities mentioned by Metro man wont be accessable!!
Enjoy
