Both Ditch Handle and Longjohn are correct even though they disagree!
Yes I reckon the most imminent threat to QF is the competition, whether you like it or not Joe Public is gushing over the middle east carriers, Sing air, etc. which offer better connections more frequent flights, better service (thats the perception anyway), etc. I mean you just have to look how many flights Singair , Emirates have from each Aussie city and it dwarfs QF at the moment. Its all about perception not facts, but thats all that really matters to someone booking a ticket.
On the other hand yes there is areas QF should be doing to cut costs, but apart from a few token management positions announced earlier in the year the vast majority is being done at the coal face. Reduced catering, less quality of products, $hithouse amenity packs, skeleton groundstaff, I mean the list can go on and I won't keep going on.
Basically in the last "Sweet Spot" QF management was an unmitigated disaster, after all that profitability they still emerged with ageing crappy aircraft but great profits, especially in the management department.
There are areas that can make improved efficiency if only they would listen to the staff, they have lot's of words over engagement but not much action.
Anyway my 2 cents worth! Probably not even worth that seeing as there are no 2 cent coins anymore, gets rounded down to 0 cents!