QF mainline are in a difficult position. Australia is a small market at the end of the line and it's not a hub like Dubai, Singapore or Hong Kong. EK, SQ and CX can compete on the SYD - LHR route against QF, and also offer numerous other cities on their networks. Any city in the world can be reached non stop from the Middle East and EK are simply joining up the dots via their home base. Qatar and Etihad are trying to do the same
They have a lower cost base and don't have to worry about unions.
Best hope for mainline is to concentrate on the major routes such as LHR and LAX with new aircraft and an improved product. Stop paying ridiculous bonuses to management and break the union strangle hold ie pay people according to the work they perform rather than the disruption they could cause if they went on strike. Look for efficiencies and get the costs down.
Ryan Air has become bigger than British Airways by focusing on its costs and work practices. QF however need offer a good product as well in order to compete with its 5* competitors on 14 hour flights.
Unless QF do this they will need to find someone prepared to dole out money to make up their losses or face bankrupcy.
Japan Airlines have enough money for about another ten days of operations at the moment, definitely worth watching what happens there. Air India are looking for $BILLION + bail out from the Indian government. Airline accountants through out the world are putting red refills in their pens.
I would love to have worked for a nationalised airline during the 1970s. Good pay, didn't work too hard and job security. Government cash to burn as needed. Got to be realistic though, things have changed.