@ButFli
It is my understanding that neither of the Qantases could be more than 49% foreign owned because of the Qantas Sale Act. It would not be possible for Qantas to pull a Virgin and sell of the domestic operation.
If the International arm of QANTAS goes bust and no longer a viable entity, it will be allowed to drop off the radar and J* will step into its shoes and become the international carrier for QANTAS Domestic.
Unless the QANTAS Sales Act 1992 has been ammended to prevent the sale of subsidiary companies in the QANTAS Group, there is nothing to stop J* International being sold off for a tidy sum, much in the same way the Keating government bundled Australian Airlines and QANTAS together in 1993 so they could be sold as a domestic/international carrier of which BA owned 25% when the shares listed in 1995.