What we will likely never know is the difference that the FF program has to pay QF for a seat v. what it will be billed by EK.
It is likely that the " profits" in frequent flyer have been made by revenue shifting away from QF Intl. I cannot imagine that FF will enjoy the same terms with EK, especially since the majority of the points redemptions occur on intl flights; soon to be on EK intl flights.