Nothing in the act stipulates that Qantas must be X size and subsidiaries can only be Y size, or a limit of capital allocated to subsidiaries etc.
The act is basically worthless in the sense that they could if they want, totally stop investing in the Qantas brand, a bit like cancelling the A380s and not purchasing any new narrowbody aircraft in the recent bout of orderings and not actually, firmly allocating any of the 787s to anyone except 'jetstar is getting the first 15'.
So in that sense, they are within the bounds. Meanwhile the 767s still trundle around, the 734s are still stop gapping lack of investment in new narrowbody aircraft and the 330s (bar the latest 4 domestic ones) are starting to look a bit tired. Not to forget to mention the 90000 hour 747s syd-per-syd daily.
Now is that 747 syd-per-syd with international pilots, international f/a's, international fleet allocation, being paid for by domestic or the international cash bleeding segment? The mind boggles.