It is interesting to note that jet aviation is credited (along with containerised shipping) as being one of the key enablers of globalisation. It is ironic that it is one of the least globalised industries that one could imagine with so many restrictions on ownership, routes and landing rights.
World wide, airline profits are dismal and one would think that in the long run, the only real end to this will be considerable consolidation of the industry - certainly for international routes maybe not so for domestic. Will this happen, unlikely in the near term due to soverign interests being maintained but one could guess that airlines which continue to make losses will become extinct or become takeover targets - the Air Italia fiasco case in point.
What does this mean to Qantas? I don't really know but you could guess that the competition will continue to increase capacity and reduce fares. The public really only care about getting the cheapest fare not who is captaining the plane or who worked on the wing. I wish it wasn't like this but it is and the world will continue to change whether we like it or not.