I think part of the point of the article is being missed.
If the distinction between Business and Economy continues to be blurred as well as the lack of competition - then more and more business travelers will choose economy.
They may well continue to fly QF, then join the Qantas Club, get lounge access and priority baggage etc but at 60% - 70% less per pax ticket.
The premium tickets is where the profit is. So if a little extra pampering, a big fake smile and a few extra cm of room fills every single business seat then it's worth it.