1. QANTAS sorts itself out and returns to profitability.
2. QANTAS doesn't sort itself out and goes bust.
I don't know where you get those ideas from but Qantas is profitable, it was profitable last year, it would've been much more profitable if the management hadn't engaged in cartel practices in the freight division and received multi hundred million dollar fines for their behavior.
The fancy book juggling that went on to make jetstar look like the group saviour was just that, juggling.
It is tiger and virgin blue and singapore airlines and cathay pacific and emirates and delta and almost every other carrier flying around today in, into and out of australia that are the ones losing money, not Qantas.
And you think Qantas isn't subsidising jetstar operations ? If jetstar can't make money with the silver spoon they're handed everything on there is a major major problem.