Just a pommie SLF view on the situation. Family & I fly MAN (UK) to BKK for holiday & visit family & friends every 2 years or so, since 1993. We have used many airlines, including Qantas, via both Frankfurt & Heathrow. (Alas, never yet got to Ozz !). Qantas WAS one of, if not THE the best, "Would you like champagne with your breakfast, Sir", and that was in economy. Allways friendly service. (last flew Qantas in 2006).
However last few years, BA, Qantas and the other (non middle east) airlines got expensive. To expensive for me, wife & 3 kids. Etihad and Emirates have become the only affordable option to us, and we can fly halfway there MAN-DBX, (8 hrs), have a break, walk round & do a bit of shopping before the DBX - BKK (6.5 hr flight). Comfortable, convenient, reliable. We also cut out that miserable sh*t hole, Heathrow.
And that is the point. EK & EY fly Dubai to several UK airports. Qantas doesn't get a look in, too expensive & no longer convenient. EK / EY have the commercial advantage due to the locations of their hubs, and their multitude of interconnecting, affordable flights to virtually everywhere.
I hope Qantas survives, and the proposals I have read about here do not happen, but in todays indebted world, everything regarding money is bloody difficult.
One last point, why do many major airlines have offensive little Irishmen in Charge? - BA, RyanAir, Qantas, etc. I worked with Irish Labourers many years ago, great lads, hard workers, but one thing I never forget being told by one was "NEVER trust an Irishman who wears a suit".
Good luck and and best wishes to you all - hope I can (afford) to fly with you again one day.
Lid